MercoPress. South Atlantic News Agency

Odyssey locates British WW II shipwreck with 200m silver haul onboard

The SS Gairsoppa in 4.700 meters deep water

A British cargo ship sunk during the Second World War has been discovered in the Atlantic with the world's largest ever haul of precious metal onboard.

The SS Gairsoppa was carrying seven million ounces of silver, worth around £155 million at today's prices. The 412 foot steel-hulled ship was torpedoed while in the service of the Ministry of War Transport.

Odyssey Marine Exploration said it had confirmed the identity and location of the shipwreck site nearly 4,700 meters below the surface of the North Atlantic, about 300 miles off the coast of Ireland in international waters.

The company said in a statement: ”Contemporary research and official documents indicate that the ship was carrying £600,000 (1941 value) or seven million total ounces of silver, including over three million ounces of private silver bullion insured by the UK government, which would make it the largest known precious metal cargo ever recovered from the sea“.

In 2010 the UK Department for Transport awarded the company, through a competitive tender process, the exclusive salvage contract for the cargo of the ship.

Under the agreement, Odyssey will retain 80% of the value of the silver.

The Odyssey team carried out remotely operated vehicle operations from the ship Odyssey Explorer to inspect the site.

Company president and chief operating officer Mark Gordon said: ”The target was located with side-scan sonar and then visually inspected in less than two months from the start of the operation.“

”Given the orientation and condition of the shipwreck, we are extremely confident that our planned salvage operation will be well suited for the recovery of this silver cargo,“ said Andrew Craig, the senior project manager. He noted that most of the ship's crew did not survive the journey to shore aboard lifeboats that were launched before the ship sank.

Odyssey CEO Greg Stemm said the company is confident the salvage can be conducted on a timely basis despite the potential complexity due to the depth of the shipwreck. ”We were fortunate to find the shipwreck sitting upright, with the holds open and easily accessible. This should enable us to unload cargo through the hatches as would happen with a floating ship alongside a cargo terminal.”