What is considered "material" and "non-public" are both subjective analysis. ORRV is in the business of salvaging wrecks. The name of a specific wreck to me is just "showmanship" and is not material, IMO.
As far as SEC regulations, they should have a lawyer consider everything they publish. Reg FD requires all "material" events to be published and placed on the wires and an 8K filed, or something like that.
For me, "material" means that it is a strongly monetizable quantity. Large contracts, Mergers, Asset Sales, (IP: mining and drilling discoveries, patent approvals) or in ORRV's case: a sizable salvage.
As I understand it, Insider sales are restricted for six months. During the six month period, all "profits" on the sales accrue to the company. It is doubtful that many insiders holding ORRV have shown a profit.
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