SOURCE: Oceanic Research and Recovery

May 06, 2010 11:07 ET

The Federal Court Rules in Favor of RS Operations Regarding the Research Vessel Beacon

PEORIA, IL--(Marketwire - May 6, 2010) -  Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced that the Federal Court for the Southern District of Alabama has ruled in favor of RS Operations and the Research Vessel Beacon.

On March 3rd, 2009, crewmen who had been employed on the RV Beacon filed suit for back wages owed to them and sought to claim additional monies through invocation of the Penalty Wage Statute of the Jones Act. The Penalty Wage Statute is a provision of the Jones Act that is meant to prevent the deliberate exploitation of seamen by their employers. Highly punitive in nature, the Penalty Wage Statute allows a crewman to claim twice their normal daily wage for each day that payment is not made.

Through testimony and presentation of evidence, the company successfully demonstrated that it made all good faith efforts to pay the crewman at the time; the company's inability to pay was due to circumstances beyond its control; there was no malicious intent or malfeasance on the part of the company.

The company is now working with its legal team to arrange final payment of the legitimate, outstanding claims and lift the federal arrest of the RV Beacon.

"We're all very pleased to see that the court ruled in our favor, but it's a shame it took so long to resolve this; we never wanted to take it all the way to Federal Court," said Scott Heimdal, CEO of the Company.

"We're looking forward to getting her back in the water," continued Mr. Heimdal. "We've got a lot of work to get done and several great sites to investigate."

For more information on RS Operations and ORRV please go to www.rsoperations.com.

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 Private Securities Litigation Reform Act of 1995

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

Contact Information

  • For additional information or to facilitate interviews, please contact:
    Terry L. Towery
    RSOPS Communications Director
    (309) 696-4249
    Email Contact

    Peter Tobia
    RSOPS Investor Relations
    908-331-0669
    Email Contact