Odyssey Marine Exploration (OMEX) said Tuesday it has been awarded $37.1 million in its arbitration against Mexico under Chapter 11 of the North American Free Trade Agreement.

The award includes interest and covers arbitrators' fees and International Centre for Settlement of Investment Disputes administrative costs, Odyssey said. It will use the proceeds to fulfill its litigation financing obligations.

The ruling validates Odyssey Marine's position that Mexico's environmental agency breached its obligations by wrongfully denying an environmental permit for a critical minerals project, Odyssey Marine Chief Executive Mark Gordon said.

Odyssey Marine shares fell more than 5% in recent trading.

Price: 4.44, Change: -0.24, Percent Change: -5.13