by CoinWeek…
- Historic Discovery: Odyssey Marine Exploration confirms the identity of the SS Gairsoppa shipwreck, found nearly 4,700 meters deep in the North Atlantic.
- Massive Silver Cargo: The ship is believed to hold 7 million ounces of silver, making it the largest known precious metal cargo ever discovered at sea.
- UK Government Partnership: The discovery and subsequent recovery of the silver bullion will be conducted under an exclusive salvage contract with the UK government.
Odyssey Marine Exploration, Inc., has officially confirmed the discovery and location of the SS Gairsoppa, a British cargo ship resting nearly 4,700 meters deep in the North Atlantic. Located approximately 300 miles off the coast of Ireland in international waters, the shipwreck is believed to hold the largest known precious metal cargo ever found at sea.
The SS Gairsoppa, a 412-foot steel-hulled vessel, was torpedoed by a German U-boat in February 1941 while serving the United Kingdom (UK) Ministry of War Transport. Contemporary records indicate that the ship was carrying 7 million ounces of silver, including over 3 million ounces of private bullion insured by the UK government. At its 1941 value, the cargo was worth £600,000.
In 2010, the UK government awarded Odyssey the exclusive salvage contract for the Gairsoppa’s cargo. Under the agreement, Odyssey will retain 80% of the net salved value of the recovered silver.
Confirmation and Gairsoppa Salvage Plans
Odyssey’s marine operations team recently conducted a survey of the site using a Remotely Operated Vehicle (ROV) from the RV Odyssey Explorer. The video and photographs gathered during this expedition were used to positively identify the shipwreck as the SS Gairsoppa.
“Once again, our stellar marine operations team has delivered outstanding results,” said Mark Gordon, Odyssey’s President and COO. “Under the direction of Senior Project Manager Andrew Craig, the target was located with side-scan sonar and then visually inspected in less than two months from the start of the operation.”
Andrew Craig confirmed that the team is now focused on the recovery phase. “Given the orientation and condition of the shipwreck, we are extremely confident that our planned salvage operation will be well suited for the recovery of this silver cargo,” he stated.
Neil Cunningham Dobson, Odyssey’s Principal Marine Archaeologist, noted the personal significance of the discovery, as he is the son of a merchant mariner who worked for the same shipping line. “By finding this shipwreck, and telling the story of its loss, we pay tribute to the brave merchant sailors who lost their lives,” Dobson said.
According to Odyssey CEO Greg Stemm, the wreck’s condition—sitting upright with open and accessible holds—will simplify the salvage process. “This should enable us to unload cargo through the hatches as would happen with a floating ship alongside a cargo terminal,” Stemm commented.
Odyssey is now preparing the necessary tools and equipment for the salvage, which is expected to begin in the spring. The company is a world leader in deep-ocean exploration, known for previous discoveries of the SS Republic, the “Black Swan” treasure, and HMS Victory.
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