Tag: Underwater Sites – HMS Victory

UNESCO Wants HMS Victory Preserved

Yesterday UNESCO released a statement concerning the announced discovery of the wreck of the HMS Victory by Odyssey Marine:

“I am delighted that such an exceptional example of underwater heritage has been located. The cultural and scientific value of this artefact is considerable,” declared Koïchiro Matsuura, Director-General of UNESCO. “In the spirit of the Convention adopted by UNESCO in 2001, I trust that all parties concerned will take the necessary measures to ensure this important vestige of British naval history is safeguarded and given appropriate attention, not used for commercial gain.”

The statement stands in stark contrast to this week’s earlier interview by the company’s own Greg Stemm.  UNESCO and the relevant Underwater Heritage Convention both strongly disapprove of the use of underwater sites for commercial gain.  Few of the World’s major nations have signed on to this proposition.  The UK Government would seem to believe that scientific study can be accomplished with commercial exploitation, or at least that the commercial value may outweigh a more thorough study. 

Questions or Comments? Email me at derek.fincham@gmail.com

"You can be a good businessman and a good scientist "

So says Odyssey Marine’s Gregg Stemm in an interview with Spiegel Online International. 

Here is an excerpt:

SPIEGEL ONLINE: Would you call yourself a treasure hunter?
Stemm: No, that sounds as if we just picked up treasures from the ocean and did not care about anything else. That is not what we do.
SPIEGEL ONLINE: You alway stress the scientific part of what you do rather than the quest for profit. Yet you are CEO of a publicly traded company and have to think about your investors.
Stemm: It is a fusion of business and science. Some people might be cynical about it, but I see no difference to medicine, chemistry and other sciences. They all earn money, yet nobody would doubt that they do valuable scientific work. You can be a good businessman and a good scientist at the same time.
SPIEGEL ONLINE: Still, marine archaeologists regard your trade with suspicion. They say commercial salvage companies destroy wrecks and disturb the dead.
Stemm: They do not have any evidence. During our work in the English Channel, we investigated 25 shipwreck sites. We took only very few artifacts and delivered them to the British government. We do not talk about marine archaeology, we practice it. Excavating a wreck like the HMS Victory costs $30 million. No government is willing to spend that kind of money — even less so in a recession.

Questions or Comments? Email me at derek.fincham@gmail.com

HMS Victory Found

Odyssey Marine has announced today in a news conference in London the apparent discovery of the HMS Victory, which sank in the English Channel in 1744.  The wreck was discovered in May 2008.  The company has recovered two of the vessel’s one-hundred brass cannons, pictured here. The wreck is rumored to contain more than a billion dollars in gold. 

 Note that Odyssey won’t have the rights to this gold, unlike the “Black Swan” wreck, this vessel was clearly a British navy man-of-war, and as such any salvage will be property of the crown.  Odyssey is now negotiating with the UK Government.  A far different relationships than with the Spanish, who have been strongly critical of the company, including bringing suit in federal court in Tampa Florida over the “Black Swan“. 

From the Guardian:

The Ministry of Defence has given the company permission to go back down to the wreck to try to find the treasure.


The British Government will legally own any gold that is recovered, but Greg Stemm, chief executive officer of Odyssey Marine Exploration, said he was in negotiations and would expect to be rewarded for the find.


Mr Stemm said: “The money is not as important as the cultural and historical significance of the discovery. It is a monumental event, not only for Odyssey but for the world.


“It is probably the most significant shipwreck find to date. HMS Victory was the mightiest vessel of the 18th century and the eclectic mix of guns we found on the site will prove essential in further refining our understanding of naval weaponry used during the era.”

Stemm certainly appears to be playing up the heritage and cultural significance angle.  Again the question worth asking is, will Odyssey be undertaking serious archaeological study?  Will the Government insist upon such an examination?  It’s worth noting as well that Odyssey is traded on Nasdaq.  Might its stock increase today?  Should we be treating the discovery of underwater heritage in this way?

Loss of HMS ‘Victory’, 4 October 1744, by Peter Monamy. 

Questions or Comments? Email me at derek.fincham@gmail.com