Florida-based Swordfish Partners and Deep Blue Exploration have contracted Blue Water Ventures International to recover potentially valuable artifacts and coins from a shipwreck site off the coast of North Carolina the parties believe to be the 1838 sinking of the steam paddle wheeler, Pulaski.
Endurance discovered the site of the loss and the shipwreck is currently subject of a Swordfish Partners admiralty claim in the U.S. District Court for the Middle District of Florida, Tampa.
The wreck has been arrested and Swordfish Partners has been named Substitute Custodian with exclusive rights to make the recovery. The parties expect on site salvage operations to begin mid-August of this year.
The terms of the joint venture and the agreement with Blue Water call for a reimbursement of two times the costs to Endurance and Blue Water plus a division committee that will allocate all profits in cash or in kind as follows: Deep Blue (50 percent); Endurance, through its wholly owned subsidiary (25 percent); and Blue Water (25 percent).
Endurance CEO, Micah Eldred said, " We have known Blue Water Ventures founder and CEO, Keith Webb, for a long time and also know the excellent capability of his ships, crew and company with regards to shallow water shipwreck recoveries. We are pleased to be working side-by-side with Blue Water on this find. This arrangement furthers our Company's business plan which is to develop a portfolio of shipwreck recovery projects that we believe can be salvaged in a profitable manner."
Keith Webb, CEO of Blue Water added, "Our on-the-water operations are designed for exactly this type of recovery. I know I speak for our entire team when I say we look forward to recovering what was lost almost 180 years ago and helping tell the amazing story of this shipwreck and its brave survivors to the world."