Shipwreck firm swims out of debt

TAMPA — Odyssey Marine Exploration, a Tampa-based company that specializes in deep-sea exploration, sold tangible and intangible assets related to its shipwreck business for $21 million.

California-based Monaco Financial purchased the assets, according to a statement.

As part of the deal, Odyssey will retain a 21.25% interest in future net proceeds from shipwreck projects, the statement adds. It also has an exclusive contract to provide shipwreck search and recovery services.

The deal includes the following elements, according to the statement:

• All of Odyssey's $11.7 million in bank debt was repaid in full.
• Odyssey's $2.2 million debt owed to Monaco Financial was retired. A further $5 million of that debt ceases to accrue interest, and is repayable only from future proceeds from specified shipwreck projects.
• A $1 million loan from Monaco was retired.
• Another $1 million in cash was provided for general corporate uses.

Other assets sold by Odyssey include one half of its interest in Neptune Minerals Inc. and the building where Odyssey's executive offices are located.