Odyssey Marine Exploration, Inc. · NASDAQ:OMEX
Odyssey Marine Exploration — IPO Roadshow (June 2011)
17 slides from Odyssey Marine Exploration's IPO roadshow presentation, Jun 8, 2011
Slide 1: Follow-On Offering Roadshow Presentation
Exhibit 99.2 Follow-On Offering Roadshow Presentation June 2011
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward Looking Statements Odyssey Marine Exploration believes the information set forth in this presentation may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Secti
Slide 3: Offering Summary
Offering Summary Issuer: Odyssey Marine Exploration (NASDAQ: OMEX) Offering: Underwritten Follow-On Offering Offering Size: 4.0 Million Shares Over-Allotment: 15% Use of Proceeds: - Search & Recovery Projects - Working Capital and General Corporate Purposes Bookrunner: Craig-Hallum Capital Group Co-
Slide 4: Investment Highlights
Investment Highlights • Strongest backlog of advanced-stage shipwreck projects in company history – 5 potential recoveries in next 12-18 months • Raising capital primarily to: – Accelerate operations on several shipwreck search and recovery projects – To take advantage of opportunities in deep ocean
Slide 5: Shipwreck Industry
Shipwreck Industry • Large, underserved markets • UNESCO estimates over 3 million shipwrecks in the world – OMEX proprietary database contains over 6,000 targets – Includes a minimum of 100 potential high-value targets (each >$50MM retail) – Potential value in the billions of dollars • Recovered shi
Slide 6: A World Leader: Deep-Ocean Shipwreck Exploration
A World Leader: Deep-Ocean Shipwreck Exploration • Over $100MM invested in technology, infrastructure and operations • 17 years of experience • Advanced technological capabilities • World-class archaeological expertise and experience • Knowledgeable and skilled marine operations team • Legal and con
Slide 7: Odyssey Disclosed Shipwreck Projects
Odyssey Disclosed Shipwreck Projects • 8 announced advanced stage shipwreck projects Project Stage OMEX Ownership Next Steps Comments SS Republic Recovered: 100% • Continue to monetize coins • Sold approximately 50% of coins for an - 51,000+ Coins through established distribution aggregate value of
Slide 8: Shipwreck Projects – Estimated Timeline
Shipwreck Projects – Estimated Timeline • 8 announced advanced stage shipwreck projects Project 2011 2012 SS Republic Monetization "Black Swan" Cargo Recovered - Monetization Pending Outcome of Legal Proceedings HMS Sussex On Hold - Pending Outcome of "Black Swan" Legal Proceedings HMS Victory Final
Slide 9: Ocean Floor Mining Opportunity
Ocean Floor Mining Opportunity • Market Characteristics – Discovery of new land-based deposits shrinking and cost of land-based exploration increasing – Ocean floor mineral deposits are concentrated and untapped o High concentrations of gold, copper, zinc and silver o Capital expenses can be spread
Slide 10: Neptune Minerals, Inc.
Neptune Minerals, Inc. • Odyssey is the largest shareholder of Neptune Minerals, Inc. (private company) • Neptune seeks to commercialize mineral deposits from the ocean floor • Recently merged with Dorado bringing two of the largest players in the space together • Neptune holds the second largest te
Slide 11: Executive Management
Executive Management Greg Stemm | CEO – 25+ years experience • Co-founded Odyssey in 1994 • 25+ years shipwreck exploration operations including deep-ocean search and robotic archaeological excavation Mark Gordon | President and COO – 20+ years experience • Joined Odyssey in 2005, served as Executiv
Slide 12: Project Financing
Project Financing • Shipwreck Project Syndication (Robert Fraser & Partners) – Intellectual property purchased (research) – Paid contract services (search, recovery, conservation, sales) – Above recorded as revenue – Odyssey retains 50% + of the back-end net revenue • Project Rights Agreements (Galt
Slide 13: Revenue Sources – Developing Recurring Revenue Model
Revenue Sources – Developing Recurring Revenue Model Current Year 1 - 5 Years 5+ Years Revenue from Operations – Cash Flow Shipwrecks Revenue from Cargo Sales Revenue from Operations – Cash Flow Mining Revenue from Mining (Gold / Silver / Copper / Zinc) Contracted Revenue from Operations – Cash Flow
Slide 14: Financial Data
Financial Data Operations Data (1) 2009 2010 Q1 '11 Revenue ($ in Millions) $ 4.3 $ 21.0 $ 2.1 (2) Adj. EBITDA $ (14.1) $ (12.1) $ (2.8) (1) Odyssey has an NOL of $110MM (2) See Exhibit A Balance Sheet Data 3/31/11 ProForma Cash ($ in Millions) $ 6.1 $ 21.4 Mortgage & Loans Payable $ 7.9 $ 7.9 Prefe
Slide 15: Potential Events in 2011
Potential Events in 2011 • Potential positive “Black Swan” ruling – “Aqua Log” decision subsequent to district court ruling sets favorable precedent and requires possession for sovereign immunity – WikiLeaks documentation of U.S. Government’s attempted interference in the case • Potential for identi
Slide 16: Investment Highlights
Investment Highlights • Strongest backlog of advanced-stage shipwreck projects in company history – 5 potential recoveries in next 12-18 months • Raising capital primarily to: – Accelerate operations on several shipwreck search and recovery projects – To take advantage of opportunities in deep ocean
Slide 17: Exhibit A
Exhibit A Non-GAAP Financial Measures Odyssey uses adjusted EBITDA as a measure of performance to demonstrate earnings exclusive of interest and certain non-cash events. Odyssey, in its daily management of its business affairs and analysis of its monthly, quarterly and annual performance, makes its
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