61 Tons Of Silver Hauled From 3-Mile Deep Shipwreck

Over 61 tons of silver bullion were recovered by Odyssey Marine Exploration in July from a depth of nearly three miles off the coast of Galway, Ireland.

61 Tons Of Silver Hauled From Shipwreck (Photo: Odyssey)

The U.S.-based underwater archaeology and salvage company hauled the silver from the shipwreck of SS Gairsoppa, a 412-foot steel-hulled British cargo ship that sank in February 1941. The bullion included 1,574 silver ingots weighing about 1,100 ounces each or almost 1.8 million troy ounces in total, a new record for the deepest and largest precious metal recovery from a shipwreck.

"This was an extremely complex recovery which was complicated by the sheer size and structure of the SS 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 291-foot Seabed Worker mobilized with 5,000 meter 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.

Including the silver recovered in 2012, Odyssey has now recovered 2,792 silver ingots from SS 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 SS Gairsoppa when she sank, but to date no uninsured silver has been located.