Odyssey Marine issues update on SS Gairsoppa silver recovery

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

(TAMPA, Fla.) — Odyssey Marine
(Nasdaq:OMEX), pioneers in the field of deep-ocean
exploration, today announced that the chartered vessel working on the
SS Gairsoppa project, the Seabed Worker, will make a scheduled port
call in Cork, Ireland, beginning September 12, 2012. After taking on
fuel, supplies and changing personnel, the Seabed Worker will
immediately return to the site to continue recovery operations under an
extension of the charter agreement.

No materials recovered from the shipwreck site will be landed during
this port call in Ireland. Pursuant to Odyssey's agreement with the UK
Government, the company will not comment on the status of operations or
recovery of cargo until any additional silver recovered has been
transported to the secure facility in the United Kingdom.

"As with our port call in August, making our regularly scheduled crew
change in Ireland instead of the UK allows us to spend an additional
two, or more, working days on the site. As the weather conditions tend
to become less friendly in the North Atlantic as we get closer to
October, every additional day of operations is important," said Mark
Gordon, Odyssey President and COO. "The processing of the silver
delivered in July remains on schedule with the first portion available
for sale in September. We expect all processing of the silver recovered
to date to be completed during the fourth quarter. We're delighted by
the recent move in silver prices. If they hold or continue to increase,
it will significantly boost the value of this project."

About the SS Gairsoppa

Odyssey is conducting the Gairsoppa project under contract with the UK
Department for Transport. Under the terms of the agreement, which
follows standard commercial practices, Odyssey bears the risk of search
and recovery and retains 80% of the net salved value of the Gairsoppa
silver cargo after recovering its expenses. The contract was awarded to
Odyssey following a competitive tender process.

The Gairsoppa was a merchant ship torpedoed by a German U-boat during
World War II. During the War, the UK Government insured privately owned
cargo under their War Risk Insurance program. After making an insurance
payment of approximately GBP325,000 (1941 value) to the owners of the
silver cargo lost aboard the Gairsoppa, the UK Government became the
owners of the insured cargo. As some sources, including "Lloyd's War
Losses" indicate a total silver cargo worth GBP600,000 (1941 value)
lost aboard the Gairsoppa, there may have been additional
government-owned silver cargo aboard that would have been self-insured.

Odyssey commenced recovery operations utilizing the chartered 291-foot
Seabed Worker in late May after completing a series of reconnaissance
dives earlier in the year. Odyssey has contracted JBR Recovery Limited,
one of Europe's leading silver recovery and precious metal processing
specialists, to support the logistics, refining and monetization of the
silver cargo recovered.

About Swire Seabed/Seabed Worker

Swire Seabed AS represents experience and ultra modern equipment for
deep waters in the subsea industry. The Company provides high quality
services within Inspection, Maintenance & Repair, Construction Support
and Subsea Decommissioning. In addition Seabed has expertise,
experience and special equipment for deep sea wreck salvage. Seabed
operates worldwide with the two vessels Seabed Worker and Seabed

Seabed Worker is an 88 m Multi Purpose Support Vessel. As a standard
spread the vessel has accommodation for 66 people, Class 2 DP System,
650 m2 deck area, Voith Schneider propulsion with active roll
stabilization, active heave compensated 100 Te offshore crane, a Perry
Slingsby 4000 m XLX ROV and a Schilling HD 5000m (moonpol) ROV. For the
salvage operations in 2012 the Seabed Worker is also fitted with
specialized equipment.

About Odyssey Marine Exploration, Inc.

Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean
exploration using innovative methods and state-of-the-art technology.
The Company is a world leader in shipwreck exploration, conducting
extensive search and archaeological recovery operations on deep-ocean
shipwrecks around the world. Odyssey also has a minority ownership
stake in Neptune Minerals, a company focused on discovering and
commercializing high-value mineral deposits from the ocean floor and in
Chatham Rock Phosphate, Ltd, a company focused on discovering and
commercializing seabed deposits of rock phosphate and other minerals.
Odyssey also provides contracting services, including proprietary
deep-ocean expertise and equipment, to governments and companies around
the world.

Odyssey offers various ways to share in the excitement of deep-ocean
exploration by making shipwreck treasures and artifacts available to
the general public, students, and collectors through its webstore,
exhibits, books, television, merchandise, educational programs and
virtual museum located at www.OdysseysVirtualMuseum.com. The company
also maintains a Facebook page at http://www.facebook.com/OdysseyMarine
and a Twitter feed @OdysseyMarine.

The public will have the opportunity to share in the excitement of
Odyssey's 2012 recovery operations when television specials produced by
JWM Productions premiere on Discovery Channel in the United States and
Channel 5 in the United Kingdom.

Information about Odyssey's project, including pictures of the
operation, can be found on Odyssey's website:
http://www.shipwreck.net/shipwrecks.php. Those interested in staying up
to date on the latest news about Odyssey are encouraged to sign up for
free email alerts: http://www.shipwreck.net/register.php.

By Professional Mariner Staff