Odyssey Marine Exploration, Inc., a U.S.-based ocean exploration and marine resource development leader, received news that the Bureau of Ocean Energy Management’s (BOEM), a department of the U.S. Department of Interior (DOI), has initiated the formal review process for its unsolicited request for a potential marine mineral lease sale in federal waters offshore Virginia.
BOEM’s action highlights the increasing federal focus on responsibly assessing domestic offshore mineral resources. As outlined by BOEM, the next step will be the publication of a Request for Information and Interest (RFI) in the Federal Register inviting stakeholder input.
Although the BOEM review process is the immediate catalyst, Odyssey views this advancement within the broader context of a year marked by accelerating alignment across policy, projects, and financial readiness. Together, these dynamics position the Company for continued momentum and meaningful progress as it moves into 2026.
Project Overview: U.S. Offshore Mineral Lease Request
The proposed lease area is believed to host heavy mineral sands containing titanium, zirconium, rare earth elements (REEs), and phosphate—materials that play an essential role in U.S. national security, advanced manufacturing, and agricultural productivity. In addition, sand and gravel recovered through the process may support coastal resilience and shoreline restoration initiatives.
If Odyssey obtains a lease, initial activities would focus on the collection of environmental and geological data to support resource evaluation and project planning. Should the project advance beyond assessment, recovery activities would employ shallow water dredging techniques that are widely used in marine construction and sediment management.
Odyssey is collaborating with Great Lakes Dredge & Dock Corporation (GLDD) to provide dredging services if and when the project advances. GLDD brings extensive experience in large-scale dredging operations, navigation channel maintenance, and beneficial reuse projects along the U.S. East Coast, including work throughout the Chesapeake Bay region, maintaining more than 300 miles of navigation channels critical to regional and national commerce.
The design of project work plans will prioritize environmental responsibility and, if a lease is granted, would align with BOEM’s review framework, which is conducted in accordance with applicable federal laws—including the National Environmental Policy Act, the Endangered Species Act, and the National Historic Preservation Act—and places environmental stewardship and cultural preservation at the forefront of the process. The work plan will also be conducted in close coordination with relevant stakeholders, including the Department of War, at the forefront of the process to ensure compatibility with existing ocean uses and avoid interference with military training, readiness, and other operations vital to national defense and Virginia’s robust maritime defense industries.
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