Odyssey strikes silver

TAMPA — Deep-ocean exploration company Odyssey Marine Exploration has recovered 48 tons of silver bullion from the SS Gairsoppa, it announced in a news release.

Odyssey says the bullion totals 1,203 silver bars equalling approximately 1.4 million troy ounces. Silver recently traded for about $27 per troy ounce, which would make the initial recovery worth about $37.8 million.

Odyssey won the contract to recover the insured silver for the United Kingdom Department for Transport. Under the contract, Odyssey bears the risk of search and recovery but retains 80% of the net value of the Gairsoppa's silver cargo after expenses.