Odyssey Marine completes survey of North Atlantic wreck cluster

The following is the text of a press release issued by Odyssey Marine Exploration Inc.:


(TAMPA, Fla.) — Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean
exploration, has completed search and preliminary inspection operations
on its "Olympus" Project, which includes a cluster of five 20th-century
shipwrecks believed to be carrying significant cargoes of gold and
silver at the time of their sinking in the Northern Atlantic.

All shipwrecks have been located and Odyssey's marine operations team
has conducted varying degrees of reconnaissance to collect data on each
wreck including multibeam surveys, sub-bottom imaging and visual
inspections with a remotely operated vehicle (ROV).

The information gathered during this expedition is now being analyzed
to determine the financial and technical feasibility of recovery
operations on one or more of the shipwrecks in the "Olympus" Project
area. Preliminary work to prepare for recovery operations on at least
one of the targeted shipwrecks can be performed from the Odyssey

After completing the "Olympus" Project search and inspection operations
and conducting equipment testing, the Odyssey Explorer returned to port
in Cork, Ireland, to await the results of the data analysis and be
positioned to commence the next stage of work on this project, the
Victory project, or a potential multi-month paid contract, depending on
which opportunity is next available to pursue.

"Once again, our experienced marine operations team has taken an
ambitious assignment and delivered outstanding results," stated Mark
Gordon, Odyssey's chief executive officer. "In one 30 day rotation, the
team located four new targeted shipwrecks and conducted reconnaissance
on a total of five targeted shipwrecks. The data collected will allow
us to plan the most cost-efficient recovery plan utilizing the Odyssey
Explorer and a leased vessel.

"Targeting multiple shipwreck targets believed to be carrying bullion
and specie and located in a relatively compact geographic area allows
us to spread the risk and recovery expenses over the whole project,"
continued Gordon. "This approach also allows us to include other
shipwrecks that may not be economically feasible on a stand-alone

In addition to work on the Odyssey Explorer, Odyssey technicians and
equipment have been conducting scientific experiments aboard the Dorado
Discovery under contract. Pelagic Research Services contracted the
Dorado Discovery and Odyssey's equipment and technicians separately to
conduct several projects in the Pacific Northwest region for government
and university clients including NOAA and the University of Victoria.
The team has already successfully completed several complicated
deep-ocean tasks on this cruise and the ship is now transiting to
Alaska for the next leg of this paid expedition.

A new mineral deposit project is also being developed by Odyssey. In
anticipation of acquiring the mineral rights to this prospective
deep-sea mineral deposit, Odyssey has developed an expedition plan
designed to assess the potential viability and value of the resource.
Our marine operations team stands ready to execute this program as soon
as all necessary permissions are secured. The company plans to provide
more details on the project as it develops.

By Professional Mariner Staff