Endurance Exploration Group (OTCQB:EXPL) is pleased to announce that it has received a proposal for the charter of the vessel Atlantic Explorer from Atlantic Marine & Aviation. The Atlantic Explorer is a 230 ft, DP-1 equipped vessel designed specifically for subsea salvage and construction work. The vessel is further equipped with a specialized, integrated load bearing ROV system capable of lifting 20 tons of material using her multi-tool “ROGE” system deployed from the vessel’s moon pool. The ROGE system is a multi-tool system that is capable of moving heavy and large quantities of subsea material using its various grabs, cutting tools, and sediment excavation tooling. The proposal from Atlantic Marine provides Endurance with the option of chartering either the vessel with the integrated ROGE system onboard, or chartering a secondary, mobile ROGE system for placement on a vessel of opportunity in the USA. The proposal includes a significant discount to the vessel and systems standard charter rate in exchange for a modest participation in the economic returns of various salvage projects undertaken by Endurance. The Endurance Board of Directors is evaluating the proposal, the equipment’s technical capabilities, the equipment’s availability and expected salvage weather windows, Endurance’s 2016 salvage budget and finances, and the overall economics of the proposal with an eye towards moving to a full charter contract.
Endurance CEO, Micah Eldred, commented, “We’re pleased to receive this proposal from Atlantic Marine & Aviation. LLP as well as the support of the Atlantic Marine team in our salvage projects. This is a highly specialized salvage system that, coupled with our current equipment, and subject to further due diligence by our Board of Directors and technical advisors on the system’s technical capabilities and subject to our own finances, may prove to be the right solution for the salvage of our first shipwreck project, the paddle ship, CONNAUGHT.”