The ground-breaking agreement was designed to capitalize on the strengths of both parties and covers all aspects of the project, ranging from the archaeological excavation and conservation of artifacts and cargo, to publication, exhibition, and marketing. This is the first time in history that any government has reached an agreement of this type with the private sector for the archaeological excavation of a sovereign warship.

According to Greg Stemm, Odyssey co-founder, "Partnering agreements with governments are vastly superior to the traditional course of litigation. This avenue provides the foundation for the private sector's involvement in worldwide management of deep ocean cultural heritage. There are those that thought that such an agreement would be impossible to negotiate, but this project will prove that the public and private sector can work together for the benefit of both."

Odyssey Marine Exploration conducted search operations for HMS Sussex in 1998, 1999, 2000 and 2001. During the 2001 expedition, Odyssey examined one site in detail that had many of the characteristics of the Sussex and recovered several artifacts for identification purposes. An archaeological report was prepared by archaeologist Neil Cunningham Dobson and was delivered to the United Kingdom Government in September, 2001. Since that time, the UK and Odyssey have been diligently working to develop this ground-breaking partnering agreement, which has taken longer than expected because nothing like it has ever been drawn up before.

A senior UK Ministry of Defence spokesperson in London stated: "This is a unique project, and it is believed that this is the first time anywhere in the world, where a sovereign government and the private sector have agreed to work in partnership to manage a project of this nature."

HMS Sussex was a large 80-gun English warship lost in a severe storm in 1694. The story of her mission and place in the unfolding events of the late 17th and early 18th centuries presents a fascinating scenario to archaeologists, historians, and those with a general interest in European and international developments.

Built in the reign of William and Mary, HMS Sussex was escorting a large merchant fleet to the Mediterranean when she was lost. Research indicates that her Admiral also had orders to pay a large sum of money to the Duke of Savoy to continue the war against France. Evidence suggests that the payment, most likely consisting of tons of gold coins, was lost with the ship. Further exploration and excavation of the shipwreck site believed to be HMS Sussex will begin as soon as the Project Plan is approved, financing is finalized and the appropriate vessel, equipment and personnel are mobilized. At more than half a mile below the surface of the Mediterranean, it will be the deepest archaeological excavation of a Colonial era shipwreck ever undertaken.

The UK Ministry of Defence Disposal Services Agency Project Leader in London stated: "We look forward to working with Odyssey on this important project."

A memorandum covering all material aspects of the agreement is available at the company's website: shipwreck.net/pam.

Odyssey Marine Exploration has several shipwreck projects in various stages of development throughout the world. More information about Odyssey Marine Exploration and the HMS Sussex is available at shipwreck.net.