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Endurance Exploration Group Evaluating Proposal from Atlantic Marine & Aviation


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.”

 

“In Situ” Shipwreck Preservation? Not in Post-BP Gulf of Mexico

(First Posted on ExpeditionWriter.com)

Too often, it seems that we know little about the underwater world until something goes terribly, terribly wrong. In 2010 BP oil platform Deepwater Horizon exploded while drilling an exploratory well, blowing out at the ocean floor and spilling an estimated 210 million gallons of crude hydrocarbons into the Gulf of Mexico.

Courtesy NASA

BP Deepwater Horizon Oil Slick, Courtesy NASA

While scientists are still working to understand the oil spill’s impact on oceanic and coastal flora and fauna, the fate of critical underwater shipwrecks and other archaeological resources has gone largely unnoticed—until now.

Since 2014, researchers with the American Geophysical Union have returned to several Gulf of Mexico shipwreck sites, including the World War 2-era German submarine U-166. They estimate that some 30% of the oil released from the Deepwater Horizon spill (alongside chemical dispersents and other debris) ended up deposited on shipwreck-rich regions of the ocean floor.

Courtesy BOEM/C&C Technologies, Inc.

U-166 Laser Scan, BOEM/C&C Technologies, Inc.

Courtesy National Geographic

U-166 Bow, National Geographic

“We are filling a huge void in our scientific understanding of the impacts of the spill,” said marine archaeologist and project co-leader Melanie Damour in an AGU press release regarding the ongoing study.

In a post-expedition paper presented at the 2016 Ocean Sciences Meeting, George Mason University and Naval Research Laboratory scientists demonstrated that oil and dispersants have a significant effect on the degradation of shipwreck hulls, a worrying trend to sites already impacted by fishing activity and other factors.

Hull of "Ewing Bank Wreck", BOEM/Deep Sea Systems Int'l

Hull of “Ewing Bank Wreck”, BOEM/Deep Sea Systems Int’l

“This is just one reason why I don’t agree that the best thing to do with shipwrecks is leave them untouched and forgotten on the seafloor, while they are slowly destroyed by natural and man-made causes,” said underwater archaeologist Dr. E. Lee Spence on a public internet post. “I am all for the commercial salvage of shipwrecks, as long as site-appropriate archaeological protocols are followed.”

The truth is, “in-situ” preservation of shipwrecks at depth remains an unproven theory. Indeed, much of the evidence collected to date shows that fishing activity and natural degradation over time has a profoundly adverse effect on these critical sites, a situation compounded by incidents such as the BP oil spill. As technology to find and recover historic shipwrecks continues to evolve by leaps and bounds, we must recognize our collective responsibility to find, document, monitor and excavate these underwater cultural resources. Given the confluence of factors working against us, now may be the only chance we have.

 

Further Reading:

Amazing New Video shows Deepwater Shipwrecks Corroded by BP Oil Spill (Washington Post)

Gulf of Mexico Historic Shipwrecks Help Scientists Unlock Mysteries of Deep Sea Ecosystems (American Geophysical Union)

 

Join the Adventure

Want to join the adventure? Endurance Exploration Group shares trades on the stock market under the ticker symbol “EXPL”. Share ownership in our company allows you to participate in the financial risks and potential rewards of our expeditions, adventures, and salvage recoveries. To keep up with our stock, financials and announcements check out the following link or contact your financial advisor.

http://www.otcmarkets.com/stock/EXPL/quote

Always carefully evaluate the risk and consider your personal financial situation prior to investing.

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