Odyssey Marine Exploration Inc (OMEX) 2015 Q2 法說會逐字稿

Good morning, and thank you for joining us today to discuss Odyssey Marine Exploration's second-quarter results ended June 30, 2015. My name is Kim. I will be your conference operator this morning. With us today we have Mark Gordon, Odyssey's Chief Executive Officer and President; as well as Philip Devine, the Company's Chief Financial Officer.

早上好，感謝您今天加入我們討論奧德賽海洋勘探公司截至 2015 年 6 月 30 日的第二季度業績。我叫 Kim。今天早上我將擔任你們的會議操作員。今天與我們在一起的有奧德賽首席執行官兼總裁馬克·戈登 (Mark Gordon)；以及公司首席財務官 Philip Devine。

Following their remarks, we will have a question-and-answer session to answer questions. Please remember, you can submit any questions via the webcast player, or email them to ir@odysseymarine.com. You can submit them at any time during the call. Once again, that email address, ir@odysseymarine.com. The webcast link and email address are also available in today's press release.

在他們的發言之後，我們將舉行問答環節來回答問題。請記住，您可以通過網絡廣播播放器提交任何問題，或通過電子郵件將其發送至 ir@odysseymarine.com。您可以在通話期間隨時提交它們。再說一次，那個電子郵件地址，ir@odysseymarine.com。今天的新聞稿中還提供了網絡廣播鏈接和電子郵件地址。

The Company may not have time to answer everyone's questions. But if you submit your question via the webcast system or email, the Company will attempt to respond to unanswered questions via email following the call.

公司可能沒有時間回答大家的問題。但如果您通過網絡廣播系統或電子郵件提交問題，公司將在通話後嘗試通過電子郵件回复未回答的問題。

Then, before we conclude today's call, I will provide the necessary precautions and disclaimers regarding forward-looking statements made by management during this call, as well as special notes to US investors regarding the disclosure of mineral deposits, as referenced in the SEC's Industry Guide 7.

然後，在我們結束今天的電話會議之前，我將就管理層在本次電話會議期間所做的前瞻性陳述提供必要的預防措施和免責聲明，以及向美國投資者提供有關礦藏披露的特別說明，如美國證券交易委員會的行業指南中所引用的那樣7.

We would like to remind everyone that today's call is going to be available for replay through September 7, 2015, starting later this morning. A webcast replay will also be available via the link provided in the Company's earnings release, as well as available on Odyssey's website at www.odysseymarine.com.

我們想提醒大家，今天上午晚些時候開始，今天的電話會議可以在 2015 年 9 月 7 日之前重播。網絡廣播重播也可通過公司財報中提供的鏈接以及 Odyssey 網站 www.odysseymarine.com 進行觀看。

Now I would like to turn the call over to CEO, Mark Gordon. Please go ahead, sir.

現在我想將電話轉給首席執行官馬克·戈登。請繼續，先生。

(technical difficulty) discuss Odyssey's second-quarter 2015 results. Before I turn the call over to our CFO, Philip Devine, to review the second-quarter numbers, I'd like to thank our shareholders for your overwhelming support of the strategic financing transaction with Minera del Norte, or MINOSA, and their subsidiary, Penelope Mining. 98.4% of the shares voted were in favor of the proposal.

（技術難度）討論奧德賽2015年第二季度業績。在我將電話轉給我們的首席財務官 Philip Devine 審查第二季度數據之前，我要感謝我們的股東對與 Minera del Norte（或 MINOSA）及其子公司的戰略融資交易的大力支持，佩內​​洛普礦業公司。 98.4%的股東投票贊成該提案。

We believe that the agreement between MINOSA, Penelope, and Odyssey has the potential to transform our Company and increase stockholder value dramatically by not only providing the capital necessary to move forward on our current pipeline of offshore projects; but more importantly, through the strategic guidance and resources that we believe will be crucial catalysts to our future success.

我們相信，MINOSA、Penelope 和 Odyssey 之間的協議有潛力改變我們的公司，並大幅增加股東價值，因為它不僅提供了推進我們當前的海上項目所需的資本，而且還提供了必要的資金來推進我們目前的海上項目。但更重要的是，通過我們相信將成為我們未來成功的關鍵催化劑的戰略指導和資源。

We're already starting to see the benefits of this agreement, and we're looking forward to the future with MINOSA on board. Over the past two months, we've had the opportunity to work closely with two new Board members: Jim Pignatelli, who is also a Board member of MINOSA's parent company, AHMSA; and John Abbott, the CFO of AHMSA. They've just finished their second Odyssey Board meeting. And they've been terrific additions to our Board, providing invaluable support and insight to our management team. We are looking forward to closing the initial equity financing soon, and we're working to complete the necessary prerequisite activities to do so.

我們已經開始看到該協議的好處，並且我們對 MINOSA 的加入充滿期待。在過去的兩個月裡，我們有機會與兩位新董事會成員密切合作：Jim Pignatelli，他也是 MINOSA 母公司 AHMSA 的董事會成員；以及 AHMSA 首席財務官 John Abbott。他們剛剛結束了第二次奧德賽董事會會議。他們是我們董事會的出色補充，為我們的管理團隊提供了寶貴的支持和見解。我們期待盡快完成初始股權融資，並且我們正在努力完成為此所需的先決條件活動。

We have also been working closely with the MINOSA team on activities connected to the environmental approval for the Don Diego deposit. I will provide more information about both of these areas after Philip's presentation. But we're limited in the information we can provide at this time for legal and strategic reasons, so we will be limited in our ability to answer questions on these topics today.

我們還一直與 MINOSA 團隊密切合作，開展與唐迭戈礦床環境審批相關的活動。在 Philip 的演講之後，我將提供有關這兩個領域的更多信息。但出於法律和戰略原因，我們目前可以提供的信息有限，因此我們今天回答有關這些主題的問題的能力將受到限制。

I apologize in advance for not being able to share more with you at this time, but we will try to get as much additional information out into the market as soon as possible.

對於目前無法與您分享更多信息，我提前表示歉意，但我們將盡力盡快向市場提供盡可能多的其他信息。

Before I get into the business developments further, I'd like to turn the call over to our CFO, Philip Devine, who will walk us through the financial results for this quarter.

在進一步討論業務發展之前，我想將電話轉給我們的首席財務官 Philip Devine，他將向我們介紹本季度的財務業績。

Philip, I turn the call over to you.

菲利普，我把電話轉給你。

Thank you, Mark. This morning I will cover some of the financial highlights from the second quarter of 2015, but I encourage everyone listening to this call to read our SEC Form 10-Q, which was filed earlier this morning.

謝謝你，馬克。今天早上，我將介紹 2015 年第二季度的一些財務亮點，但我鼓勵每個收聽本次電話會議的人閱讀我們今天早上早些時候提交的 SEC 10-Q 表格。

The financial statements in the first six months of 2015 were marked by several key events. First of all, we entered into a material financing agreement with MINOSA in March, and this agreement was overwhelmingly approved by our shareholders in June. Although the equity part of this agreement has not yet taken place, MINOSA has already provided significant financing to the Company and has been assisting with our operations in Mexico.

2015 年前六個月的財務報表發生了幾起重大事件。首先，我們在3月份與MINOSA簽訂了一項重大融資協議，該協議在6月份得到了我們股東的壓倒性批准。儘管該協議的股權部分尚未完成，但 MINOSA 已向該公司提供了大量融資，並一直協助我們在墨西哥的業務。

Secondly, while trimming our vessel costs significantly, we conducted exploration in the North Atlantic, and located several potentially attractive shipwrecks. And we identified and filed for exclusive rights to a new seabed mineral deposit that is different from our existing phosphate deposits.

其次，在大幅削減船舶成本的同時，我們在北大西洋進行了勘探，並發現了幾處具有潛在吸引力的沉船殘骸。我們確定併申請了一個新的海底礦藏的專有權，該礦藏不同於我們現有的磷酸鹽礦藏。

And finally, we have continued to implement actions to reduce our expenditures and improve our cash flows, such as eliminating certain corporate costs, not chartering third-party vessels, selling non-core assets such as a building, and selling more items from our long-term inventory.

最後，我們繼續採取行動減少支出並改善現金流，例如消除某些企業成本、不租用第三方船舶、出售建築物等非核心資產以及出售更多長期資產。長期庫存。

Let us now review some of the second-quarter figures. Total revenue for the second quarter of 2015 was $400,000, or an increase of $100,000 over the revenue in the same period a year ago. The majority of revenues in both quarters was generated from the sale of inventory items, such as coins.

現在讓我們回顧一下第二季度的一些數據。 2015年第二季度總收入為40萬美元，比去年同期收入增加10萬美元。這兩個季度的大部分收入都來自硬幣等庫存商品的銷售。

In the second quarter of 2015, Odyssey provided equipment and personnel to a third-party offshore operator under a services agreement. As part of this agreement, we conducted scientific experiments and seafloor equipment repair work using our ROV, our operators, and other Odyssey equipment.

2015年第二季度，奧德賽根據服務協議向第三方離岸運營商提供設備和人員。作為該協議的一部分，我們使用我們的 ROV、我們的操作員和其他 Odyssey 設備進行了科學實驗和海底設備維修工作。

Marketing, general, and administrative expenses increased by $1 million from $2.4 million in 2014 to $3.4 million in 2015. This increase is the result of several factors. First of all, in 2014 we had a reversal of a bad debt provision of $500,000 that reduced expenses in 2014 as compared to 2015.

營銷、一般和管理費用增加了 100 萬美元，從 2014 年的 240 萬美元增加到 2015 年的 340 萬美元。這一增長是多種因素共同作用的結果。首先，2014 年我們沖銷了 500,000 美元的壞賬準備，與 2015 年相比，2014 年的開支減少了。

Secondly, in 2015 we experienced higher legal and transaction costs related to the stock purchase agreement signed with MINOSA and the subsequent shareholders' vote on the agreement in June.

其次，2015年我們與MINOSA簽署的股票購買協議以及隨後6月份對該協議進行的股東投票相關的法律和交易成本較高。

Finally in 2015, we had extra non-cash general costs related to the accelerated vesting of restricted stock units upon the retirement of the Company's General Counsel on June 30.

最後，在 2015 年，我們因公司總法律顧問於 6 月 30 日退休而加速行權限制性股票單位而產生了額外的非現金一般成本。

Operations and research expenses increased by $100,000 from 2014 to 2015. However, there were several changes in the components of this expense category. The second quarter of 2014 included a credit to expenses of $3.5 million for the priority cost recoupment on the SS Central America shipwreck project, whereas there was no similar credit to expenses in 2015.

從 2014 年到 2015 年，運營和研究費用增加了 100,000 美元。但是，該費用類別的組成部分發生了一些變化。 2014 年第二季度包括 350 萬美元的費用抵免，用於 SS Central America 沉船項目的優先成本補償，而 2015 年沒有類似的費用抵免。

In 2014, the Company's Odyssey Explorer vessel was working full-time offshore on the SS Central America project, whereas in 2015 the Explorer vessel only spent one month working offshore.

2014年，該公司的Odyssey Explorer船在SS Central America項目上全職海上工作，而2015年Explorer船僅在海上工作了一個月。

Finally, in 2014 the Company leased the Dorado Discovery vessel on a full-time basis for mineral exploration projects at a significant cost; whereas in 2015, there was no such vessel expense since the lease agreement on this vessel was terminated in the third quarter of 2014.

最後，2014年，公司斥巨資全職租賃了Dorado Discovery船用於礦產勘探項目；而2015年，由於該船的租賃協議於2014年第三季度終止，因此沒有此類船舶費用。

Total operating expenses for the second quarter of 2015 were $6.4 million, compared to $5.2 million in the same quarter of 2014. Although this may look like an increase of $1.2 million or 23%, operating expenses have actually been managed down significantly.

2015 年第二季度的總運營費用為 640 萬美元，而 2014 年同一季度為 520 萬美元。雖然這可能看起來增加了 120 萬美元或 23%，但運營費用實際上已大幅下降。

If we adjust the 2014 total operating expense numbers for the one-time credit to expenses related to the 2014 reversal of the bad debt provision, which was $0.5 million; and we address the 2014 credit to expenses for the SS Central America project, which was $3.5 million; and we adjust the 2015 operating costs for the one-time non-cash expense related to the retirement of the General Counsel, which was $0.2 million; total operating expenses were actually reduced by 33%, or by $3 million from the second quarter of 2014 to the second quarter of 2015.

如果我們將 2014 年總營業費用數字調整為與 2014 年壞賬準備金轉回相關的一次性貸記費用，即 50 萬美元；我們解決了 2014 年 SS 中美洲項目費用貸項，金額為 350 萬美元；我們調整了與總法律顧問退休相關的一次性非現金費用 2015 年運營成本，該費用為 20 萬美元；從 2014 年第二季度到 2015 年第二季度，總運營支出實際上減少了​​ 33%，即 300 萬美元。

At June 30, 2015, Odyssey had cash and cash equivalents of $5.6 million, an increase of $2.5 million from the December 31, 2014, balance. This increase was mainly the result of financing cash inflows from the new loans made to Odyssey by MINOSA in the period March through June 2015.

截至2015年6月30日，奧德賽擁有現金及現金等價物560萬美元，較2014年12月31日餘額增加250萬美元。這一增長主要是由於 2015 年 3 月至 6 月期間 MINOSA 向 Odyssey 提供的新貸款產生的融資現金流入。

In the six months ended June 30, 2015, operating cash flows improved by $4.2 million, or an improvement of over 25% compared to the same period a year ago. This improvement is due to actions taken to reduce expenditures, such as terminating the long-term lease of a vessel and eliminating certain corporate costs.

截至 2015 年 6 月 30 日的六個月中，經營現金流量增加了 420 萬美元，與去年同期相比增加了 25% 以上。這種改善是由於採取了減少支出的行動，例如終止船舶的長期租賃和消除某些企業成本。

In the first six months of 2015, investing activities actually generated net cash inflows, as Odyssey took actions to sell certain assets, such as a building it owned, and to reduce capital expenditures compared to previous years. Financing activities also provided significant cash inflows in 2015, as Odyssey entered into a loan agreement with MINOSA.

2015年前六個月，投資活動實際上產生了淨現金流入，因為奧德賽採取行動出售某些資產，例如其擁有的建築物，並與往年相比減少資本支出。隨著 Odyssey 與 MINOSA 簽訂貸款協議，融資活動也在 2015 年提供了大量現金流入。

Looking forward with respect to the financial statements, I can add the following comments. We continue to reduce our operating cash costs. In the second and third quarters of 2014, we had large credits to expenses related to the cost recoupment agreement we had as contractors to RLP for the SS Central America project.

展望財務報表，我可以補充以下評論。我們繼續降低運營現金成本。 2014 年第二和第三季度，我們作為 SS 中美洲項目 RLP 承包商，對與成本補償協議相關的費用有大量貸項。

We do not have similar credits to expenses in 2015. But in the first six months of 2015, we have significantly reduced our operating cash costs, and we expect to continue to do so into the third quarter of 2015.

2015 年我們沒有類似的費用抵免。但在 2015 年前六個月，我們大幅降低了運營現金成本，並且我們預計將在 2015 年第三季度繼續這樣做。

We continue to work towards closing the equity component of the MINOSA and Penelope mining deal. To date, this eventual equity transaction has had no impact on our financials. Upon the initial closing of the equity part of the deal, we could expect an improvement in our net shareholders' equity balance, a reduction of our debt, and an increase in our cash balance.

我們將繼續努力完成 MINOSA 和 Penelope 礦業交易的股權部分。迄今為止，最終的股權交易尚未對我們的財務狀況產生影響。交易的股權部分初步完成後，我們預計股東權益淨值將有所改善，債務將減少，現金餘額將增加。

Finally, looking forward, we continue to work towards a timely approval of the environmental permit for our Mexican phosphate deposit. The major expenditures for the permit application have already been incurred and recognized in the past. Thus, until there is a decision on this application, we do not expect any major new expenditures related to the environmental permit for our Mexican operations.

最後，展望未來，我們將繼續努力及時批准墨西哥磷酸鹽礦床的環境許可證。許可證申請的主要支出過去已發生並確認。因此，在對此申請做出決定之前，我們預計不會出現與我們墨西哥業務環境許可證相關的任何重大新支出。

With that, I would like to hand the call back to Mark.

說到這裡，我想把電話轉給馬克。

Thank you, Philip. On the operations side of the business, our Marine operations team once again proved that they are experts at deep ocean exploration. In one 30-day rotation, they not only completed search and inspection operations on our Olympus project, but were also able to conduct varying degrees of reconnaissance work, including multi-beam surveys, sub-bottom imaging, and visual inspections on five different 20th-century shipwrecks believed to be carrying significant quantities of gold and silver at the time of their sinking. The data we collected is being analyzed to determine whether we will begin recovery efforts on one or more of these targets in the future, and optimal platform and technologies for such work.

謝謝你，菲利普。在業務運營方面，我們的海洋運營團隊再次證明了他們是深海勘探方面的專家。在為期30天的輪換中，他們不僅完成了對我們奧林巴斯項目的搜索和檢查作業，而且還能夠對5個不同的20日進行不同程度的勘察工作，包括多波束勘察、海底成像和目視檢查。據信，二十世紀的沉船在沉沒時攜帶了大量的黃金和白銀。我們正在對收集的數據進行分析，以確定我們將來是否將開始對其中一個或多個目標進行恢復工作，以及用於此類工作的最佳平台和技術。

As you may know, the Odyssey Explorer was originally launched in 1972 and her early history includes service during the Falklands war. While she's an extremely stable and economical platform and has served us very well over the past 12 years, we are considering making a change in our offshore assets.

如您所知，奧德賽探索者號最初於 1972 年下水，其早期歷史包括在福克蘭群島戰爭期間服役。雖然她是一個極其穩定且經濟的平台，並且在過去 12 年里為我們提供了良好的服務，但我們正在考慮對我們的離岸資產進行改變。

The downturn in the oil and gas industry has made many ships available at very attractive rates, affording us the opportunity to potentially upgrade our work platform under attractive terms. We are continuing to evaluate options for alternate work platforms. And we are simultaneously working to make our specialized equipment more transportable so that it can be deployed on ships of opportunity anywhere in the world. We expect to have a decision and plan in place by the end of this year.

石油和天然氣行業的低迷使許多船舶能夠以非常有吸引力的價格出售，這使我們有機會以有吸引力的條件升級我們的工作平台。我們正在繼續評估替代工作平台的選擇。同時，我們正在努力使我們的專業設備更易於運輸，以便可以部署在世界任何地方的機遇船上。我們預計將在今年年底前做出決定和計劃。

Offshore work to recover at-risk artifacts in accordance with the project design on the Victory project awaits a UK Marine Management Organisation, MMO, license and re-approval from the Ministry of Defense.

根據勝利項目的項目設計，海上回收危險文物的工作正在等待英國海洋管理組織、MMO、英國國防部的許可和重新批准。

I know it's frustrating that this continues to drag on. But, unfortunately, I can't predict at this time when offshore work will begin. The MMO's public consultation recently closed, and the Maritime Heritage Foundation is currently waiting for a decision from the MMO. We understand that there were a substantial number of positive submissions to the public consultation.

我知道這種情況繼續拖延下去令人沮喪。但不幸的是，我目前無法預測海上工作何時開始。 MMO 的公眾諮詢最近結束，海洋遺產基金會目前正在等待 MMO 的決定。據我們了解，公眾諮詢收到了大量積極的意見。

In addition, two articles recently appeared in the UK press about the shipwreck. If you're interested in following more news about the Victory, please visit victory1744.org; or like the new Victory 1744 page on Facebook; or follow us @victory1744 on Twitter.

此外，英國媒體最近發表了兩篇有關沉船的文章。如果您有興趣關注更多有關勝利的新聞，請訪問victoria1744.org；或者喜歡 Facebook 上新的 Victory 1744 頁面；或者在 Twitter 上關注我們@victory1744。

On the Central America project, we are continuing to wait for the court to award ownership of recovered items to our client, Recovery Limited Partnership, or RLP; and there has been recent progress in that direction. In the Virginia Admiralty arrest, there is only one claim remaining on appeal. After being dismissed at the trial court level, that appeal has now been rejected twice by the Circuit Court of Appeals.

在中美洲項目上，我們正​​在繼續等待法院將追回物品的所有權授予我們的客戶Recovery Limited Partnership (RLP)；最近在這方面取得了進展。在弗吉尼亞金鐘逮捕事件中，只剩下一項索賠仍在上訴中。該上訴在初審法院被駁回後，現已兩次被巡迴上訴法院駁回。

The District Court, with jurisdiction over the Admiralty case and the shipwreck itself, has already ruled that RLP is the legitimate party in interest and salvor-in-possession. The remaining step at the District Court level is a ruling on cargo ownership or salvage award for RLP.

對海事案和沈船本身擁有管轄權的地方法院已經裁定 RLP 是利益和救助財產的合法當事人。地方法院的剩餘步驟是就 RLP 的貨物所有權或救助裁決做出裁決。

Our interest falls under the Ohio Court approved contract with RLP. So once their rights are finalized, we should be able to execute the agreed and approved monetization plans specified in that contract.

我們的利益屬於俄亥俄州法院批准的與 RLP 的合同。因此，一旦他們的權利最終確定，我們應該能夠執行該合同中規定的商定和批准的貨幣化計劃。

As I've stated before, we don't plan to abandon our shipwreck roots. And in keeping with our pledge to bring more financial discipline to our business, we are developing a potential multi-year shipwreck program utilizing external project-level funding that improves our risk and reward profile, while still allowing our investors to benefit from our large portfolio of attractive shipwreck projects.

正如我之前所說，我們不打算放棄我們的沉船根源。為了兌現我們為我們的業務帶來更多財務紀律的承諾，我們正在利用外部項目級資金開發一項潛在的多年沈船計劃，以改善我們的風險和回報狀況，同時仍然讓我們的投資者從我們的大型投資組合中受益有吸引力的沉船項目。

This slight shift in our investment philosophy will allow us to focus more of our capital on the development of the mineral exploration side of our business, where one successful mineral asset can be worth many multiples of even the most valuable shipwreck project.

我們投資理念的這一微小轉變將使我們能夠將更多的資金集中在礦產勘探業務的發展上，一項成功的礦產資產的價值甚至可以是最有價值的沉船項目的數倍。

I know many of you want to know when we can expect environmental approval to recover phosphate sands from the Don Diego deposit in Mexico. I can't predict exact timing at this time, but I can tell you that we remain very optimistic that the environmental approval will be granted.

我知道你們中的許多人想知道我們何時可以獲得環境批准從墨西哥唐迭戈礦床中回收磷酸鹽砂。我目前無法預測確切的時間，但我可以告訴你，我們對獲得環境批准仍然非常樂觀。

The scientific and environmental data contained in the submission prove, without a shadow of a doubt, that the environmental impact of this project is minimal and is a small fraction of the impact seen from terrestrial phosphate projects that have been approved and are being mined.

提交材料中包含的科學和環境數據毫無疑問地證明，該項目對環境的影響很小，只是已批准和正在開采的陸地磷酸鹽項目影響的一小部分。

There has been considerable misinformation spread about the environmental impact of this project. And quite a bit of this may have been sparked not by those with a true concern for the environment or people of Baja, but by those with intent to drive Odyssey's stock price down.

關於該項目的環境影響，存在大量錯誤信息。其中相當一部分可能不是由那些真正關心環境或巴哈人民的人引發的，而是由那些意圖壓低奧德賽股價的人引發的。

Here are the facts. The area where dredging is proposed is not in whale migration paths, and is not in or near areas where whales calve or feed. It's not in shrimp fishery areas. It is not in sea cucumber or turtle feeding habitats. No chemicals are added to the water. And the only thing returned to the seafloor is sand, shells, and other material that was recovered from the seafloor.

以下是事實。擬進行疏浚的區域不在鯨魚遷徙路徑上，也不在鯨魚產仔或進食的區域內或附近。它不在蝦漁區。它不在海參或海龜的進食棲息地。水中不添加任何化學物質。唯一返回海底的是沙子、貝殼和其他從海底回收的物質。

Extensive testing with actual material recovered from the deposit demonstrates that the dredging of the mineral sands will not result in the release of any materials toxic to sea life. Under the current plan, the area dredged each year will total less than 1 square kilometer per year. And one of the discharge method options we've proposed keeps all materials returned to the seafloor within the active dredging area itself.

對從礦床中回收的實際材料進行的廣泛測試表明，礦砂的疏浚不會導致釋放任何對海洋生物有毒的材料。按照目前的規劃，每年疏浚面積總計不足1平方公里。我們提出的排放方法選項之一是將所有材料返回到活躍疏浚區域本身的海底。

In addition, multiple measures have been offered for continuous monitoring and mitigation of any potential environmental issues.

此外，還採取了多種措施來持續監測和緩解任何潛在的環境問題。

Some concern by environmental groups may have arisen, given the size of the original concession awarded to Exploraciones Oceanicas, or ExO, which is the Mexican company in charge of the project. The original mining concession reached all the way to the shoreline in limited areas, even though the dredging was never proposed any closer than 22 kilometers from the shoreline.

考慮到負責該項目的墨西哥公司 Exploraciones Oceanicas (ExO) 最初獲得的特許權規模，環保組織可能會有些擔憂。最初的採礦特許權在有限的區域內一直延伸到海岸線，儘管從未提出疏浚工程距離海岸線小於 22 公里。

The large concession area was necessary early on, until our offshore exploration program determined the exact location of the most economically viable area of the deposit.

在我們的海上勘探計劃確定了最經濟可行的礦床區域的確切位置之前，大型特許區域是早期所必需的。

Through the offshore work Odyssey has conducted for ExO, and a significant amount of onshore testing, it has now been determined that a large portion of the concession can be released. And just in the last few weeks, ExO reduced the concession size from over 300,000 hectares to under 115,000 hectares.

通過奧德賽為 ExO 進行的海上工作以及大量的陸上測試，現已確定可以釋放大部分特許權。就在過去幾週，ExO 將特許經營面積從 300,000 多公頃減少到 115,000 公頃以下。

Since 1 square kilometer equals 100 hectares, you can see that the currently proposed operations plan that targets a dredging zone of less than 1 square kilometer a year has very minimal impact on the surrounding area, as operations will be conducted in less than 1% of the concession area in any given year.

由於1平方公里等於100公頃，可以看出，目前提出的作業計劃針對每年1平方公里以下的疏浚區域，對周邊地區的影響非常小，因為作業將在不到1%的範圍內進行。任何給定年份的特許權面積。

The benefits to this are twofold. One, the reduced area better illustrates the limited footprint of the dredging operations over the projected life of mine, and clearly demonstrates that our area of operations does not overlap any whale migration routes or habitats of commercially important fishing species.

這樣做的好處是雙重的。第一，面積的減少更好地說明了在預計的礦山壽命期間疏浚作業的足蹟有限，並清楚地表明我們的作業區域不與任何鯨魚遷徙路線或具有重要商業意義的漁業物種的棲息地重疊。

Keep in mind that even with this reduced concession area, active dredging is only proposed to be conducted in an area of less than 1 square kilometer per year, in any given year.

請記住，即使特許權面積減少，主動疏浚僅建議在任何特定年份每年在小於 1 平方公里的區域內進行。

And number two, by reducing the concession area, we substantially reduce the amount of annual license fees ExO must pay in order to maintain rights to the concession.

第二，通過減少特許權面積，我們大幅減少了 ExO 為維持特許權而必須支付的年度許可費。

I mentioned at the beginning of this call that we are already seeing benefit from the strategic financing agreement. The Oceanica and ExO teams has been working very closely with MINOSA on the final aspects of the environmental approval, including a recent series of very productive and successful meetings with various government officials. These meetings have led to increased understanding and support for this project.

我在本次電話會議開始時提到，我們已經看到戰略融資協議的好處。 Oceanica 和 ExO 團隊一直與 MINOSA 在環境審批的最後方面密切合作，包括最近與各政府官員舉行的一系列非常富有成效和成功的會議。這些會議增加了對該項目的理解和支持。

While we have no specific guidance on the final timing of environmental approvals, our confidence remains high that these approvals will be secured. Once that is complete, much more information about the monetization of that deposit will be forthcoming.

雖然我們對環境審批的最終時間沒有具體指導，但我們對獲得這些批准仍然充滿信心。一旦完成，更多有關該存款貨幣化的信息將會公佈。

In other mineral news, we are also developing a new offshore mineral project, and are planning offshore exploration work to confirm our research on the value of this deposit. We are actively developing the pipeline for multiple new projects and the next Don Diego.

在其他礦業新聞中，我們還在開發一個新的海上礦產項目，併計劃進行海上勘探工作，以證實我們對該礦床價值的研究。我們正在積極開發多個新項目和下一個 Don Diego 的管道。

As we indicated in the disclosures of the strategic investors stock purchase agreement presented in the definitive Proxy Statement, the earliest closing date for the $101 million equity transaction is 150 days from the date of signing our agreement. This date would work out to August 8 at the earliest. But in order to complete the closing, we need to have satisfied certain conditions, as outlined in the Proxy Disclosures.

正如我們在最終代理聲明中披露的戰略投資者股票購買協議中所指出的，這筆 1.01 億美元股權交易的最早截止日期是自我們協議簽署之日起 150 天。這個日期最早要到8月8日。但為了完成交割，我們需要滿足某些條件，如代理披露中所述。

Not all of the conditions have been met yet. But our strategic investor is working very closely with us to help ensure that the list of requirements is completed as rapidly as possible.

尚未滿足所有條件。但我們的戰略投資者正在與我們密切合作，以幫助確保盡快完成要求清單。

In the past few weeks, we have received repeated assurances that MINOSA intends to proceed with finalizing the equity transaction under the agreed terms, upon satisfaction of the conditions of the agreement. As a demonstration of their commitment, the investor's senior management team has dedicated a tremendous amount of time and significant corporate resources to help us get to the closing as soon as possible.

在過去的幾周里，我們多次得到保證，MINOSA 打算在滿足協議條件後，根據商定的條款繼續完成股權交易。為了體現他們的承諾，投資者的高級管理團隊投入了大量的時間和大量的公司資源來幫助我們盡快完成交割。

After spending considerable time working with the senior leaders of MINOSA, and their parent company, AHMSA, over the past several months, I am more convinced than ever that this partnership is the right strategic move for Odyssey and our shareholders.

在過去的幾個月裡，我與 MINOSA 及其母公司 AHMSA 的高級領導者花費了大量時間合作，我比以往任何時候都更加確信這種夥伴關係對於 Odyssey 和我們的股東來說是正確的戰略舉措。

And with that, I'd like to conclude my comments for this call. In a few minutes, we'll open up the lines for questions. Due to the high volume of questions we receive, and the limited amount of time we have available today, I encourage you to submit questions through the Web interface or by emailing ir@odysseymarine.com. That way, if we do not get to your question on today's call, we can follow up with you directly to answer your questions.

至此，我想結束我對這次電話會議的評論。幾分鐘後，我們將開放提問熱線。由於我們收到的問題數量較多，而且今天的時間有限，我鼓勵您通過網絡界面或發送電子郵件至 ir@odysseymarine.com 提交問題。這樣，如果我們在今天的電話會議中沒有回答您的問題，我們可以直接與您聯繫以回答您的問題。

With that, operator, I think we're ready for the first question.

接線員，我想我們已經準備好回答第一個問題了。

(Operator Instructions). Mike Malouf, Craig-Hallum Capital Group.

（操作員說明）。邁克·馬盧夫，克雷格-哈勒姆資本集團。

Maybe we could start off with Philip. Can you help us just understand, with all of the changes and tightening of the belt, where you are on a cash burn basis? And where you expect that cash burn to be on a monthly basis, looking out over the next six months or so?

也許我們可以從菲利普開始。您能否幫助我們了解，隨著所有的變化和勒緊腰帶，您的現金消耗情況如何？展望未來六個月左右，您預計每月的現金消耗量是多少？

As I described during the earlier part of the call, compared to last year, our total operating expenses in the first six months were down -- or in the quarter, this last three months -- were down 33% compared to the year-earlier period. Also, if you look in the first six months of 2015, we had a large, one-time expense for the issuance of some shares to terminate a call option that Mako Resources had.

正如我在電話會議前半部分所述，與去年相比，我們前六個月的總運營費用有所下降，或者說在本季度，即最後三個月，與去年同期相比下降了 33%時期。此外，如果你看看 2015 年前六個月，我們就發行了一些股票以終止 Mako Resources 擁有的看漲期權，從而產生了大量一次性費用。

So if you strip those two out, our costs are down between 25% and 33% compared to last year. If you look at last year, too, we were running full-time operations in the third quarter for the SS Central America project. We are not having those expenditure levels this year in the third quarter. Third quarter last year, we also had for most of the quarter the Dorado Discovery under a charter agreement, which was significant, so I think --.

因此，如果去掉這兩項，我們的成本比去年下降了 25% 到 33%。如果你也看看去年，我們在第三季度為 SS 中美洲項目進行全職運營。今年第三季度我們沒有達到這樣的支出水平。去年第三季度，我們在該季度的大部分時間裡都簽訂了包機協議，這非常重要，所以我認為——。

Philip, not to interrupt, but I understand all that, but where are you right now? Just looking out for the next six months, where are you on a monthly cash burn?

菲利普，不要打擾，但我明白這一切，但是你現在在哪裡？看看接下來的六個月，您每月的現金消耗情況如何？

If you look at -- I'm not going to give you specific month-by-month. If you look at the trend we're having this year, we're at a -- you can do the quick calculations. We're below $2 million operating cash burn. But there are several things that we're still doing in terms of financing activities and investing activities which will change the net cash on a monthly basis.

如果你看一下——我不會給你每個月的具體數據。如果你看看我們今年的趨勢，你可以快速計算一下。我們的運營現金消耗低於 200 萬美元。但在融資活動和投資活動方面，我們仍在做一些事情，這將改變每月的淨現金。

Right. So on a cash burn, you're at about -- a little under $2 million per month. Is that the way to be looking at it?

正確的。因此，如果燒錢的話，每月大約要燒掉 200 萬美元。這是看待問題的方式嗎？

Correct.

正確的。

Okay, that's great. And then, Mark, can you talk a little bit about the accounts receivable associated with the Oceanica project? Is there a chance that we could see some cash coming from that? And I'm just wondering what your plans are with regards to that. And then I have one more follow-up question.

好的，太好了。然後，馬克，您能談談與 Oceanica 項目相關的應收賬款嗎？我們是否有機會從中看到一些現金？我只是想知道你對此有何計劃。然後我還有一個後續問題。

Yes, Mike, I'm sorry, can you say again, the accounts receivable in terms -- in relation to which project?

是的，邁克，很抱歉，您能再說一遍，應收賬款是與哪個項目相關的？

Oceanica?

奧西尼卡？

Oh, Oceanica. Yes, actually most of the accounts receivable have actually been converted to a Note, which totals $16.3 million now. It carries a pretty significant rate of interest. It comes due at the end of September; September 30.

噢，奧西尼卡。是的，實際上大部分應收賬款實際上已經轉換為票據，目前總計 1630 萬美元。它具有相當可觀的利率。九月底到期； 9 月 30 日。

Okay, great. And what are the plans with that as far as -- come September 30, if you have the approval, what should we expect on that?

好的，太好了。到 9 月 30 日，如果獲得批准，我們對此有何期待？

In terms of whether we'd collect that? Is that the question, specifically?

至於我們是否會收集？具體是這個問題嗎？

Yes. How are you going to do that?

是的。你打算怎麼做？

Yes, I think we're looking at it because there is the opportunity to potentially convert some of that to equity. And obviously we think Oceanica is going to be a very valuable project. So I think we would decide, at that point in time, what the appropriate mix of cash and equity might be.

是的，我認為我們正在考慮它，因為有機會將其中一些轉化為股權。顯然，我們認為 Oceanica 將是一個非常有價值的項目。因此，我認為我們會在那時決定現金和股權的適當組合。

Okay, great. And then my final follow-up question -- I get questions a lot from investors with regards to -- if you dig down deep into the terms of the agreement with MINOSA, that there's that potential option for them to acquire Oceanica.

好的，太好了。然後是我的最後一個後續問題——我收到了很多投資者的問題——如果你深入研究與 MINOSA 的協議條款，就會發現他們有收購 Oceanica 的潛在選擇。

And I'm just wondering if you've had any discussions regarding that, because it sounds like you've had a lot of discussions with regards to MINOSA's intent on completing this transaction in a nice, timely basis. And I'm wondering if that option ever comes up for discussion, and if there's been any discussion about perhaps terminating that, or what?

我只是想知道你們是否對此進行過任何討論，因為聽起來你們已經就 MINOSA 及時、良好地完成這項交易的意圖進行了很多討論。我想知道這個選項是否會被討論，是否有任何關於終止該選項的討論，或者什麼？

It's interesting; that conversation has come up a number of times. And every time I bring it up, my partners on the other side of the table are surprised. Because they remind me, each time, their intent is not to acquire Oceanica. Their intent is to expand their terrestrial mining business and seafloor mining, and it's all about the equity transaction.

這真有趣;這個話題已經出現過很多次了。每次我提起這件事，桌子另一邊的伙伴都會感到驚訝。因為他們每次都提醒我，他們的意圖並不是收購 Oceanica。他們的目的是擴大陸地採礦業務和海底採礦業務，而這一切都與股權交易有關。

Great, thanks. Should be an exciting next couple of months for you, so I wish you guys all good luck. Thanks.

十分感謝。接下來的幾個月對你們來說應該是令人興奮的，所以我祝你們一切順利。謝謝。

Scott Vincent, Green River Asset.

斯科特·文森特，綠河資產。

So, just a point of clarification here. In your press release and your comments, you talk about the fact that MINOSA intends to proceed with the transaction. Just to clarify, we are talking about the stock purchase agreement, correct?

所以，這裡只是澄清一點。在您的新聞稿和評論中，您談到了 MINOSA 打算繼續進行交易的事實。澄清一下，我們談論的是股票購買協議，對嗎？

Correct.

正確的。

Okay. And the price proposed in the stock purchase agreement, as laid out in your filings, is the price that we're talking about as well, correct?

好的。正如你們的文件中所列，股票購買協議中提出的價格也是我們正在討論的價格，對嗎？

Correct. I think it's important to note, obviously the share purchase agreement had to be approved by shareholders, as mentioned at the outset. And it was overwhelmingly approved, with a 98.4% yes vote. So, any material changes to that agreement would likely require a new shareholder approval. So there's never been any discussion with the investor on anything other than the terms included in that agreement. That's already approved.

正確的。我認為值得注意的是，正如一開始提到的，顯然股份購買協議必須得到股東的批准。結果以 98.4% 的讚成票獲得壓倒性批准。因此，對該協議的任何重大變更都可能需要新股東的批准。因此，除了該協議中包含的條款之外，從未與投資者進行過任何討論。那已經批准了。

Fair enough. And you mentioned that the closing is conditioned on a couple things happening, at least one of which hasn't happened yet. I'm assuming that you're referring to the environmental approval. Is that right?

很公平。您提到，關閉取決於幾件事情的發生，至少其中一件事情尚未發生。我假設您指的是環境審批。是對的嗎？

That's correct.

這是正確的。

Great. Okay, that's it for me. Appreciate it, guys.

偉大的。好吧，我就這樣了。非常感謝，伙計們。

And at this time, we have no further phone questions.

目前，我們沒有進一步的電話問題。

Excellent. So, as stated earlier, we are going to answering some questions here, and we have gotten several in through email. There seems to be sort of a common thread. Many of the questions received centered really on three or four different issues, which I will address right now.

出色的。因此，如前所述，我們將在這裡回答一些問題，並且我們已經通過電子郵件收到了一些問題。似乎有某種共同的線索。收到的許多問題實際上集中在三四個不同的問題上，我現在將解決這些問題。

Many of you are wondering when the reverse stock split will occur. And the answer to that is the original intent of the reverse split was to bring our share price into a range that would be attractive to large institutional investors who can't normally invest in companies that trade below $5 per share.

你們中的許多人想知道反向股票分割何時會發生。答案是反向分割的初衷是讓我們的股價達到一個對大型機構投資者有吸引力的範圍，這些投資者通常無法投資於每股交易價格低於 5 美元的公司。

Management has had extensive discussion, including most recently -- just during the past two days, in our Board meetings -- about the optimal time to implement the reverse split. And we believe there are several catalysts on the horizon that will naturally bring our share price in compliance with the NASDAQ minimum bid prices. And we intend to wait and schedule the reverse split when it would be in the best interest of all shareholders.

管理層就實施反向分割的最佳時間進行了廣泛的討論，包括最近——就在過去兩天，在我們的董事會會議上。我們相信，有幾個催化劑即將出現，自然會使我們的股價符合納斯達克最低買入價。我們打算等待並安排反向分割，當它符合所有股東的最佳利益時。

The next question that has some of you concerned is the current share price drop, and that having any effect on the -- whether that would have any effect on the closing of the equity deal with our strategic investor.

你們中一些人關心的下一個問題是當前股價下跌，以及這是否會對與我們的戰略投資者完成股權交易產生任何影響。

On that account, there are two conditions in the stock purchase agreement that reference the OMEX stock price. We've had multiple assurances from the strategic investor that the stock price is not a factor in their decision process, and will not affect the closing.

因此，股票購買協議中有兩個參考 OMEX 股票價格的條件。我們已經從戰略投資者那裡得到了多次保證，股價不是他們決策過程中的一個因素，也不會影響成交。

Another issue is the MIA approval on Don Diego, the phosphate deposit. There's a question about worst-case scenario. What happens if the environmental approval does not come -- are you still a viable company? The answer I would emphatically say is, yes, we're a viable company.

另一個問題是 MIA 對 Don Diego 磷酸鹽礦床的批准。有一個關於最壞情況的問題。如果沒有獲得環境批准會發生什麼——你們還是一家有生存能力的公司嗎？我想強調的答案是，是的，我們是一家有生存能力的公司。

First of all, I'm very confident we'll receive the environmental approval. But even without Don Diego, we have amazing operational capabilities and an extensive portfolio of attractive mineral and shipwrecked projects that we can go prosecute. As previously mentioned, we've already initiated development of our next seafloor mineral asset, which is currently 100% owned by Odyssey.

首先，我非常有信心我們會獲得環保批准。但即使沒有唐·迭戈，我們也擁有驚人的運營能力和廣泛的有吸引力的礦產和失事項目組合，我們可以進行起訴。如前所述，我們已經開始開發下一個海底礦物資產，該資產目前由 Odyssey 100% 擁有。

And finally, a question -- do you have enough cash to get through to the equity closing? And the answer there is, between cash on hand, expected cash inflows, and other of our assets which could be leveraged to produce cash; combined with the disciplined cash management I and Philip have now mentioned several times on this call, we believe we have sufficient funding to carry us through to the equity closing.

最後一個問題——您是否有足夠的現金來完成股權交割？答案是，在手頭現金、預期現金流入和我們可以利用槓桿產生現金的其他資產之間；結合我和菲利普在這次電話會議上多次提到的嚴格的現金管理，我們相信我們有足夠的資金來完成股權交割。

And with that, I'd like to thank you once again for joining us today. And I'd like to ask you to please stay on the line for important information from the operator. Thank you.

在此，我要再次感謝您今天加入我們。我想請您保持通話，以獲取接線員提供的重要信息。謝謝。

Before we conclude today's presentation, I would like to take a moment to read the Company's Safe Harbor statement that provides important cautions regarding forward-looking statements.

在我們結束今天的演講之前，我想花點時間閱讀該公司的安全港聲明，其中提供了有關前瞻性陳述的重要警告。

Odyssey Marine Exploration believes the information set forth during this conference may include forward-looking statements within the meeting of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Act of 1934.

Odyssey Marine Exploration 認為，本次會議期間提出的信息可能包括 1995 年私人證券訴訟改革法案、1933 年證券法第 27A 條和 1934 年證券法第 21E 條會議中的前瞻性陳述。

Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in Risk Factors in Part I, Item 1A, of the Company's Annual Report on form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission on March 16, 2015.

可能導致結果與前瞻性陳述中預測的結果存在重大差異的某些因素在公司截至2014年12月31日的年度報告10-K表第一部分第1A項的風險因素中列出，該文件於 2015 年 3 月 16 日向美國證券交易委員會提交。

The financial and operating projections, as well as estimates of mining assets, are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release.

財務和運營預測以及採礦資產的估計僅基於奧德賽根據截至本新聞稿發布之日掌握的信息而認為合理的假設。

All projections and estimates are subject to material uncertainties, and should not be viewed as a prediction or an assurance of actual future performance.

所有預測和估計均受到重大不確定性的影響，不應被視為對未來實際業績的預測或保證。

Validity and accuracy of Odyssey's projections will depend upon the unpredictable future events, many of which are beyond Odyssey's control; and, accordingly, no assurance can be given that Odyssey's assumptions will prove true, or that its projected results will be achieved.

奧德賽預測的有效性和準確性將取決於不可預測的未來事件，其中許多事件超出了奧德賽的控制範圍；因此，不能保證奧德賽的假設將被證明是正確的，或其預計的結果將會實現。

I would like to take a moment and read an important cautionary note to US investors. The US Securities and Exchange Commission, SEC, permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company may economically and legally extract or produce.

我想花點時間閱讀對美國投資者的重要警告。美國證券交易委員會 (SEC) 允許礦業公司在向 SEC 提交的文件中僅披露公司可以經濟合法地開採或生產的礦藏。

We may use certain terms during this conference such as measured, indicated, and inferred resources, which the SEC guidelines strictly prohibit us from including in our filings with the SEC. Inferred mineral resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.

我們可能會在本次會議期間使用某些術語，例如測量的、指示的和推斷的資源，而 SEC 指南嚴格禁止我們將這些術語包含在向 SEC 提交的文件中。推斷礦產資源的存在具有很大的不確定性，其經濟和法律可行性也具有很大的不確定性。不能假設推斷礦產資源的全部或任何部分將升級到更高的類別。

US investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and urged to consider closely the disclosures in our Form 10-K, which may be secured from us or from the SEC's website at www.sec.gov/edgar.shtml.

告誡美國投資者不要假設部分或全部推斷的礦產資源存在，或者在經濟上或合法上可開採，並敦促仔細考慮我們的 10-K 表格中的披露，該表格可以從我們或 SEC 網站獲得網址：www.sec.gov/edgar.shtml。

Odyssey does not necessarily undertake to update any forward-looking statement as a result of new information or future events or development.

奧德賽不一定承諾因新信息或未來事件或發展而更新任何前瞻性聲明。

I would like to remind everyone that this call will be available for replay through September 7, 2015, starting in about two hours. Please refer to Odyssey's second-quarter financial results press release for telephone and webcast replay instruction. The replay information will also be available via the Company's website at www.odysseymarine.com.

我想提醒大家，本次電話會議將在 2015 年 9 月 7 日之前提供重播，大約兩小時後開始。請參閱奧德賽第二季度財務業績新聞稿，了解電話和網絡廣播重播說明。重播信息也可通過公司網站 www.odysseymarine.com 獲取。

Thank you for joining us for today's presentation. This concludes today's call. You may now disconnect.

感謝您參加我們今天的演講。今天的電話會議到此結束。您現在可以斷開連接。