Odyssey Marine Exploration announces an award in its arbitration with the United Mexican States under Chapter Eleven of the North American Free Trade Agreement, or NAFTA. “Odyssey Marine Exploration has received notification from the International Centre for Settlement of Investment Disputes – ICSID – of the arbitral award on the claims involving Odyssey and its subsidiary, Exploraciones Oceanicas S. de R.L. de C.V., against Mexico. The award orders Mexico to pay US$37.1 million for breaching its obligations under NAFTA, plus interest at the one-year Mexico Treasury bond rate, compounded annually, from October 12, 2018, until the award is paid in full, plus the arbitrators’ fees and ICSID administrative costs. The amounts awarded are net of Mexican taxes and Mexico may not tax the award. Odyssey expects that most or all of the proceeds of the award will be used to satisfy its litigation financing obligations,” the company stated. “The ruling today validates our position that Mexico’s environmental agency SEMARNAT wrongfully denied our environmental permit, which received extensive input from external advisors and industry experts to determine an economically feasible and environmentally responsible development plan. The project remains strategically significant and commercially viable,” said Mark Gordon, Odyssey Marine Exploration’s Chief Executive Officer and Chairman of the board of directors.