Odyssey Marine Exploration Reports Second Quarter 2016 Results


TAMPA, Fla., Aug. 01, 2016 (GLOBE NEWSWIRE) — Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean exploration, reported results for the second quarter ended June 30, 2016.

Second Quarter 2016 Highlights

  • Performed contracted offshore services for a third-party using Odyssey technology and marine personnel resulting in revenue of $1.2 million.
  • Executed a contract with a third-party to conduct offshore services in the third quarter 2016 that is expected to generate revenue of approximately $2.4 million.
  • Decreased operating expenses $3.2 million, or 50%, compared to the same year ago quarter.
  • Launched CLIO Offshore, a division of Odyssey, which is focused on generating cash through third-party survey, remotely operated vehicle (ROV) and recovery projects and allows Odyssey to leverage our technical team and assets between major projects.

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