HMS Sussex Project Update.

TAMPA, Fla. -- Odyssey Marine Exploration, Inc. (Amex: OMR) a leader in the field of deep ocean shipwreck exploration, today announced that it is temporarily suspending operations at the shipwreck site believed to be HMS Sussex for 15 days in order to allow the Spanish Government time to review the archaeological methods and administrative issues relating to the project and to discuss protocols for the exploration and protection of Spanish shipwrecks that Odyssey finds in the area or elsewhere throughout the world. E[acute accent]While the crew aboard Odyssey's 251' deep-ocean archaeological platform, Odyssey Explorer, is waiting to return to the site believed to be the Sussex, they have begun the archaeological excavation of another shipwreck site in the western Mediterranean recently located by the crew of RV Odyssey, the Company's 113' research vessel. Additional information on this shipwreck will be released at a future date. E[acute accent]In September, 2004 the Company received assurance from the Kingdom of Spain through the United States Department of State that the Spanish Government had "no desire or intention to prevent the salvage operation of the shipwreck believed to be HMS Sussex." Odyssey subsequently mobilized the Odyssey Explorer for operations on the Sussex project and has recently completed some of the preliminary pre-disturbance work at the site, calibration of acoustic equipment and testing of several newly installed archaeological excavation tools for the Sussex project. E[acute accent]Odyssey has maintained a policy of cooperating with governments that have interests in its projects, whether by ownership, heritage or geographical proximity. The Sussex site lies in a very busy shipping lane which is monitored by Spain's Tarifa control center for safety and traffic control purposes. One of the issues that recently surfaced has been another ship engaged in unauthorized shipwreck exploration activities in the area, as well as a different ship coincidentally called the RV Odyssey that has been engaged in unapproved activities in Spanish territorial waters. While neither of these ships have any association with Odyssey Marine Exploration, the unexpected confusion has prompted some unwarranted and inaccurate reports from the Spanish media, which Odyssey has sought to dispel through cooperation with the Spanish authorities. E[acute accent]"We'd obviously like to get to work as soon as possible on recovery operations on the Sussex," commented Greg Stemm, Odyssey's co-founder, after meetings in Madrid, "but Spain has indicated they have a real interest in learning more about the project, and want to see the archaeological methodologies we are employing. There has been no question that the shipwreck of the Sussex is the exclusive property of the United Kingdom, but with so many of their own shipwrecks scattered throughout the oceans of the world, it is not surprising that Spain has a profound interest in our activities here and that we would have an interest in working out a protocol for dealing with Spanish shipwrecks in the future." E[acute accent]Odyssey Marine Exploration is an American Stock Exchange Company (Ticker symbol: OMR) with several shipwreck projects in various stages of development throughout the world. Odyssey has an exclusive partnering agreement with the Government of the United Kingdom for the archaeological excavation of the shipwreck believed to be HMS Sussex. Additional information about Odyssey, its projects and equipment is available at www.shipwreck.net.

E[acute accent]The Company believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors," and "Business" in the Company's annual report on Form 10KSB for the year ended December 31, 2004, which has been filed with the Securities and Exchange Commission.