SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934
August 6, 2003
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Date of Report (date of earliest event reported)
ODYSSEY MARINE EXPLORATION, INC.
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Exact name of Registrant as Specified in its Charter
NEVADA 0-26136 84-1018684
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State or Other Jurisdiction Commission File IRS Employer Identification
of Incorporation Number Number
3604 Swann Avenue
Tampa, Florida 33609
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Address of Principal Executive Offices, Including Zip Code
(813) 876-1776
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Registrant's Telephone Number, Including Area Code
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On August 8, 2003, a wholly owned subsidiary of Odyssey Marine
Exploration, Inc. (the "Company") purchased the Motor Vessel Northern Prince
from J-Marr Ltd. of Hull, England for $1,200,000 in cash. The cash used in
this transaction was from the proceeds of the Company's private offering of
common stock and warrants which was recently completed.
The 251-foot Class II dynamically positioned survey and support vessel
will be renamed "Odyssey Explorer." The ship is built to Ice Class 3
standards for operations in extreme latitudes and is capable of carrying fuel
and stores for missions of up to 60 days. She has comfortable accommodations
for 42 persons, extensive onboard storage space and her multiple cranes and
large A-frame provide exceptional equipment handling capability. The vessel
has just completed a dry-dock inspection and is fully certified to Lloyds
+100A1 specifications. The vessel was previously used for diving support and
the operation of remotely operated vehicles.
The Company is planning to add advanced technology and equipment to the
ship, which will enable the Odyssey Explorer to complete deep ocean
archaeological excavation and survey work. The Company expects to have the
vessel ready for operations in September.
On August 6, 2003, the Company purchased a work class Remotely Operated
Vehicle ("ROV") from Tyco Telecommunications (US) Inc. to be used for
archaeological shipwreck excavation for $700,000 in cash. The cash used was
also from the proceeds of the recent private offering of securities.
The ROV is three years old and was built by Soil Machine Dynamics of
Newcastle, England, one of the world's leading manufacturers of state-of-the-
art deep robotic systems. The 7-ton, 205 horsepower vehicle will be nick-
named ZEUS and mobilized on the Odyssey Explorer.
ZEUS is rated to operate at depths to 2,500-meters (8,200 feet). The ROV
has two, Schilling seven function Conan Force-Feedback manipulators, which
provide for exceptional dexterity and fine control required for delicate
archaeological procedures. The nine-foot high vehicle is 10 feet wide by 10
feet long and driven by eight powerful hydraulic thrusters.
The system's cameras feed high-resolution video signals through advanced
fiberoptic telemetry to the surface. ZEUS was originally designed for
advanced deep ocean fiber optic cable maintenance operations and is perfectly
suited for the rigors and precise handling required for delicate shipwreck
excavation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.
ODYSSEY MARINE EXPLORATION, INC.
Dated: August 20, 2003 By:/s/ John C. Morris
John C. Morris, President
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