The cairn in Penguin Bay on Marambio Island was raised in 1902, before the expeditioners parted in groups and the Winter Station on Snow Hill Island was built. The place name originates from the Swedish expedition. A small group led by Nordenskjöld arrived at Marambio from Antarctica in a small boat. They brought a 4-metre long pole, which they painted, and added two laths and a pennant. A photograph by Ekelöf shows that the pole stood in the cairn and was also stabilised with ropes from the top to the ground. According to Nordenskjöld, they also left a depot of victuals, some tools and bullets. The depot was to be used in case the Swedish Expedition was forced to retreat. The place was visited several times by the expeditioners who stayed on the nearby Snow Hill Island to slay penguins and collect eggs. The establishing of the cairn and depot as well as the later visits are described in the biography of Nordenskjöld (1904). On the 10th of November 1903, the Argentinian rescue ship Uruguay arrived at Penguin Bay where they raised a wooden plaque with the text: "10.XI.1903 Uruguay (Argentine Navy) in its journey to give assistance to the Swedish Antarctic expedition."

In January 1990, when the site was listed as a HSM, a monument in cast concrete was erected by Argentina at the location of the wooden plaque. The place is regularly visited and cared for and the IAA conducted documentation of the site and reparation of the cast concrete memorial in 2018.