Endurance Exploration has hired Eclipse to provide ROV and other subsea equipment charter services for investigation, inspection, and salvage of a shipwreck, believed to be that of the S.S. Connaught, located off the coast of New England.
Endurance will issue 2,000,000 shares of common stock to Eclipse, with an agreed value of $500,000, under the contract, and reimburse Eclipse in cash for it’s out of pocket costs plus 10%, including payments to personnel, engineers, and other technicians required to operate and maintain the ROV equipment during the summer mission.
Endurance CEO, Micah Eldred, commented, “We are pleased to be working with Eclipse Group and their personnel. We are confident that their vast experience in subsea, marine operations, and engineering will provide us with the operational and technical edge we need to be successful this summer as we attempt to salvage the S.S. Connaught’s cargo of gold coins. We expect onsite operations to begin in July of this year, and are looking forward to putting salvaged artifacts on deck.”
Separately, on May 15, 2015, Endurance entered into a contract with Overseas Marine to provide the 120′ workboat, MV Manisee, to be used this summer in the shipwreck salvage. Overseas is affiliated with Endurance’s CEO, and Endurance will not pay a charter fee for use of the vessel, but will be responsible for all out of pocket costs for operation of the vessel during the charter period, including but not limited to: vessel crew and personnel, fuel, maintenance, and vessel modifications, the company informed.
Endurance expects that the survey and salvage mission will be conducted over a 4 month period, with mobilization taking place in mid-to-late June, and onsite survey and salvage work beginning in July and continuing until mid-September.