SOURCE: Oceanic Research and Recovery

June 10, 2010 14:18 ET

Oceanic Research and Recovery Sends Deep Scan Vessel to Work With Deep Blue Marine in the Dominican Republic

PEORIA, IL--(Marketwire - June 10, 2010) -  Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced that the vessel Deep Scan will be going to the Dominican Republic to work on several different wreck sites in areas under concession to Deep Blue Marine.

The Deep Scan is a special vessel uniquely designed and configured for shallow water surveying and excavation. There are several sites in Deep Blue Marine's new area where the special capabilities of the Deep Scan will be particularly useful.

Under the terms of the agreement Deep Blue Marine has leased the boat for the next two seasons. A portion of the lease was for Deep Blue Marine to pay all costs of retrofitting and repairs to the ship. Any and all new electronic equipment housed on the ship will remain the property of Deep Blue. Retro fit to the ship commenced 45 days ago and will complete within the next two weeks at which time the ship will sail for the Dominican Republic. Deep Blue has taken possession of the vessel and all superstructure repairs are completed. Both lower propulsion units are being changed out, after that the ship is ready to go to work. 

Wilf Blum, President of Deep Blue, is quoted as saying, "The RV Deep Scan is a very good vessel for some work we have to perform in the next two years. With her shallow draft and small blower, she will be able to not only survey these shallow areas that we will be working, but will also serve as the ideal recovery vessel. This will be a welcome addition to the fleet of boats we already have and will give us the range of equipment we require to do a high level job and meet our exploration goals for this season."

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

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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