Seafarer Exploration Corp. (Seafarer) focuses on developing the infrastructure to engage in archaeological research, archaeologically-sensitive exploration, recovery and conservation of historic shipwrecks; and eventually monetizing the recovery of the shipwrecks without selling the treasure.
The company's business plan includes in-depth archival research and translation of historical documents from archives and repositories from around the world. The plan also includes the development of vario...
Seafarer Exploration Corp. (Seafarer) focuses on developing the infrastructure to engage in archaeological research, archaeologically-sensitive exploration, recovery and conservation of historic shipwrecks; and eventually monetizing the recovery of the shipwrecks without selling the treasure.
The company's business plan includes in-depth archival research and translation of historical documents from archives and repositories from around the world. The plan also includes the development of various new technologies, which will improve efficiencies of both time and accuracy, as well as create a smaller operational footprint.
The company is also actively researching, exploring and testing new technology to help more accurately understand current and future wreck sites in an unobtrusive manner. As of December 31, 2021, all tests of new and unproven technology and methods had failed with the exception of the company's proprietary SeaSearcher device, which was still in development. Additional scientists have been hired as consultants to assist in these endeavors.
The company regularly reviews opportunities to perform exploration and recovery operations at purported historic shipwreck sites, however, the company does have specific plans to perform exploration and recovery operations at other shipwreck sites at the present time. The company is actively reviewing other potential historic shipwreck sites for possible exploration and recovery. Should the company decide that it will pursue exploration and recovery activities at other potential shipwreck sites it may be necessary to obtain permits, as well as environmental permits. Some potential shipwreck sites are outside of State waters, which will be very advantageous to Seafarer since state permitting agencies will not be able to continuously hamper or slow Seafarer's operations, as demonstrated in the past.
The company has investigated various technologies and non-scientific equipment to help better explore or document historic shipwreck sites. The company operates year-round, with some years having better diving in the winter and some years in the summer.
In 2014, the company entered into a partnership and ownership with Marine Archaeology Partners, LLC (MAP) with the formation of Seafarer's Quest, LLC (SQ). SQ was formed in the state of Florida for the purpose of permitting, exploration and recovery of artifacts from a designated area on the east coast of Florida. Such site area is from a defined, contracted area by a separate entity, which a portion of such site is designated from a previous contracted holding through the state of Florida. As of December 31, 2021, the partnership has had no operations. Seafarer is responsible for managing the site on behalf of SQ.
The company has two separately permitted Melbourne Beach area sites, called Area 1 and Area 2, that it is exploring. The Area 1 permit was renewed on March 1, 2019, for a period of three years. The Area 2 permit was renewed on January 14, 2019, for a period of three years. The company submitted a permit renewal application for Area 2 on July 29, 2021, that the state of Florida has yet to act upon. The state of Florida has granted the Area 2 permit an extension until the state of Florida acts upon the submitted renewal application.
In 2018, the company acquired a 1% ownership position in Probability and Statistics, Inc. (P&S). During the year ended December 31, 2020, the company and P&S agreed to essentially unwind the previous share exchange agreement by entering into a new share exchange agreement where the company and P&S effectively reversed the transaction from 2018.
History
Seafarer Exploration Corp. was incorporated in 2003 in the state of Delaware.