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Three Omani fishermen are set to become millionaires after they found $2.5mn worth of ambergris - or "whale vomit" - floating on the surface of the ocean.

Khalid al-Sinani told reporters he and his colleagues had found the bumper load of the foul-smelling wax on the return journey back to Quriyat.

"I was told earlier that ambergris has an icky smell, but after a couple of days it imparts a pleasant scent," Sinani said.

Ambergris is a highly expensive wax which is used to make perfume and is produced in the intestines of the sperm whale.

It initially produces a foul, fecal smell, however this then matures to produce a more earth and sweet-smelling odour.

Sinani said that he had already received offers of around $19,500 per kilo from traders in Saudi Arabia and the UAE, but he was holding out for offers in the region of $35,000 per kilo.

Sinani said that he intends to invest his new found wealth in the promise of a new life for himself and his family.

"I'll wait to see how this sale will go and later I'll think of changing my career to enter the real-estate sector to live a better life," he said.

Two Omani fishermen sold 13kg of ambergris for $210,000 last year, after they found the body of a dead sperm whale in Sadah province. They initially turned down an offer of only $170,000.