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TAMPA — Odyssey Marine Exploration Inc. (symbol: OMEX) will receive $6.9 million for a marine services job in the South Pacific. London-based Neptune Minerals Inc. hired the Tampa firm, according to an SEC filing.
Part of the $6.9 million will be paid to Odyssey in cash, with the remainder being paid off using equity shares in Neptune, the filing says.
Odyssey earned $21 million in revenues in 2010, but nearly $38 million in expenses pushed its operating income deep into the red, at a negative $16.8 million. Earlier this month, the company said it would issue 4 million shares of new stock to raise capital.
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