Latest development Aug 11, 2026
Odyssey reported that the set-aside application remains pending, with a hearing set for March 2027.
The award
- Amount awarded
- $37.1M plus interest at the one-year Mexican Treasury bond rate, compounded annually from October 12, 2018, plus arbitration costs
- Award holder
- Odyssey Marine Exploration, Inc., on its own behalf and for its Mexican subsidiary ExO
- Respondent
- United Mexican States
- Forum
- NAFTA Chapter Eleven · ICSID-administered (UNCT/20/1) · set-aside pending in Ontario
Challenges
Mexico applied to the Ontario Superior Court of Justice on December 12, 2024 to set aside the award. A hearing is scheduled for March 2027, per Odyssey. The tribunal decided Mexico’s request for interpretation on December 16, 2024.
Enforcement
None reported.
Recovered to date
None reported.