Odyssey Marine finds shipwreck of Balchin's HMS Victory

Shares of Odyssey Marine Exploration Inc shot up more than 32 per cent, after the Florida-based treasure-hunting firm said it discovered the shipwreck of Admiral Sir John Balchin's British warship HMS Victory, lost in 1744.

The British Royal Navy warship has a bronze cannon, and research indicates a substantial amount of gold and silver was aboard, the company said in a statement.

However, the company did not specify the value of its find in the press release. Calls to the company seeking comment were not immediately returned.

Odyssey Marine said it discovered the shipwreck nearly 100 kilometres from where the ship was historically believed to have been wrecked - on a reef near the Channel Islands.

The company said it is cooperating with the UK's Ministry of Defence (MOD) on the project, and the terms of the collaboration between the two parties are being negotiated.

"Fortunately, this shipwreck is not in waters claimed by any other country, so we do not expect any interference in further exploration of the site," Chief Executive Greg Stemm said in a statement.