Salvager to search wreck of 18th century ship in English Channel
Odyssey Marine Exploration Inc., a salvage company specializing in shipwrecks, was approved by the U.K. Ministry of Defence to begin an archaeological recovery of artifacts from an 18th-century warship in the English Channel.
Odyssey discovered HMS Victory in 2008 and is the exclusive contractor at the wreck, the Tampa, Florida-based company said today in a statement. Odyssey shares jumped 28 percent to $1.22 in New York.
HMS Victory was launched in 1737 and became the flagship of the Channel Fleet, according to Odyssey. It was lost less than a decade later, during a violent storm in October 1744.
"The Victory is unique as the only scientifically-studied wreck of a first-rate English warship found in the world's oceans," Odyssey said.
Odyssey also hunts for wrecks where it can salvage high- value cargoes such as precious metals. Earlier this year it brought up gold from the SS Central America, a 19th Century steamer that sank off the coast of South Carolina.