Act No. 73 on the ownership rights of the Icelandic state to the resources of the seabed.

The present Act lays down rules concerning the ownership rights of the Icelandic state to the resources of the seabed. The Icelandic state is the owner of all resources on, in or under the seabed outside the net layers and as far out to sea as Iceland's sovereign right reaches according to law, international agreements or agreements with individual states. The term resource a covers all inorganic and organic resources of the seabed other than living things. No one may search for materials for exploitation on, in or under the seabed, without authorization from the Minister of Industry. A license for the exploitation of substances on, in or under the seabed must be limited to a specific area and valid for a specific period of time, which may not exceed 30 years.