Odyssey Marine Exploration, a company with strong links to Falmouth, has recovered a further 61 tons of silver bullion this month from a wreck site, 300 miles south west of Ireland, working at a depth of nearly three miles. 

This recovery of bullion from the Gairsoppa, a 412-foot British cargo ship that sank in February 1941, consists of 1,574 silver ingots weighing about 1,100 ounces each or almost 1.8 million troy ounces in total, sets a new record for the deepest and largest precious metal recovery from a shipwreck. The silver has been transported to a secure facility in the United Kingdom.

Including the silver recovered in 2012, Odyssey has now recovered 2,792 silver ingots from the Gairsoppa or more than 99% of the insured silver reported to be aboard the Gairsoppa when she sank.

Under the terms of Odyssey's contract with the UK Department for Transport, which follows standard commercial practices, Odyssey will retain 80% of the net salved value of the cargo. The contract was awarded to Odyssey following a competitive tender process.

Sources, including Lloyd's record of War Losses, indicate additional uninsured government-owned silver may have been aboard the Gairsoppa when she sank, but to date no uninsured silver has been located.

"This was an extremely complex recovery which was complicated by the sheer size and structure of the Gairsoppa as well as its depth nearly three miles below the surface of the North Atlantic," commented Greg Stemm, Odyssey's chief executive officer. "To add to the complications, the remaining insured silver was stored in a small compartment that was very difficult to access.”

The recovery operations were conducted from the Seabed Worker mobilised with 5,000 metre depth-rated remotely operated vehicles (ROVs) and heavy launch and recovery systems. Additional specialized deep-ocean equipment was mobilized by Odyssey on the ship for the project.

The Seabed Worker has returned to sea to continue Odyssey's 2013 North Atlantic Expedition, which includes the Mantola, a British cargo vessel lost in 1917 and found in 2011 by Odyssey, as well as the Gairsoppa.

The Mantola reportedly carried approximately 600,000 troy ounces of silver insured under the UK War Risk insurance program.

Odyssey discovered the Gairsoppa in 2011. The salvage operation was filmed in 2012. The programme will be broadcast in August on Channel 5 in the UK.