The silver was recovered from the SS Gairsoppa, a 412-foot steel-hulled British cargo steamship sunk by a German U-boat 300 miles southwest of Galway, Ireland, on February 17, 1941. The name was given in honor of the waterfalls in Karnataka, India, then still a British colony. The SS Gairsoppa sailed with several convoys before joining Convoy SL 64. When she suffered fuel loss, the ship left Convey SL 64 and headed for Galway. The move left her unprotected and vulnerable to the torpedo attack by a German U-boat, which sank her.
Last year, the company began recovery and salvage of 48 tons of silver from the SS Gairsoppa shipwreck at a depth of 4,700 meters below the sea surface (about 3 miles deep). Odyssey’s first quarter 2013 results indicate that the sale of SS Gairsoppa silver netted them $1.8 million in that quarter, bringing the total proceeds from this project to $41 million to date.
In the quarterly results, Odyssey reported that, so far, 1,218 SS Gairsoppa silver bars have been recovered and sold, and an additional $500,000 was realized from the sale of gold extracted during the silver smelting process. Odyssey further reported that the final stage of silver recovery for the SS Gairsoppa is to commence this month.
This will be the first time this silver is on display. The exhibition is at Discovery Times Square in New York and opens on May 24, 2013.