Seahawk Agrees to Preferred Stock Sale and ``Sindia'' Purchase.

TAMPA, Fla.--(BUSINESS WIRE)--May 26, 1999--

Seahawk Deep Ocean Technology, Inc. (OTC BB:SDOT), the Tampa based oceanographic company that specializes in the search and recovery of deep water shipwrecks, announced today that it has agreed to sell 36 million of the company's series 2 preferred shares to Drexel Aqua Technologies, Inc., (Drexel) a privately held Delaware corporation, for a consideration of $500,000. In turn, Drexel has agreed to sell to Seahawk the entire share capital of its subsidiary company Sindia Expedition, Inc. (SEI), a New Jersey corporation, for an issue of common stock. The amount of stock will depend on the results of an actuarial valuation of the "Sindia" shipwreck project.

Under the terms of the purchase agreement, Drexel will pay to Seahawk a minimum of $50,000 each month for a period of ten months and Seahawk will issue the shares to Drexel on a pro-rata basis. Each share of the series 2 preferred stock shall be fully voting and carry rights for conversion to one fifth of one share of common stock in Seahawk. No dividend or interest will be payable on the preferred shares.

Prior to the acquisition of SEI, Seahawk will seek its shareholders' authorization for additional shares of common stock to fund the acquisition. Seahawk also plans to simultaneously raise up to $15 million of additional working capital and project funding. In addition to purchasing Seahawk shares, Drexel has agreed to fund the expense of any private or public offering necessary to raise the $15 million.

The vessel Sindia ran aground in a storm in 1901 and came to rest off the coast of New Jersey. She was returning from the Orient laden with a valuable cargo of porcelain, bronzes, jade, ivory and china. Several unsuccessful salvage attempts have been made but SEI researchers estimate more than 200,000 artifacts remain onboard. At the time of sinking, Sindia was the world's largest four masted, steel hull sailing vessel built by Harland and Wolff, builders of the Titanic and was owned by John D. Rockefeller. With the passage of time and the help of beach reclamation, the Sindia is now buried under 12 feet of sand under the beach of Ocean City, New Jersey. SEI is sole owner of all rights to the Sindia.

Seahawk has searched for and found a number of shipwrecks since it was formed in 1989. Last year, the Company sold a collection of artifacts from a shipwreck it salvaged from 1,500 feet of water, off the coast of the Dry Tortugas for a consideration of more than $2 million. Seahawk is currently a member of a consortium which is searching for a valuable shipwreck in waters off South America and is involved in a variety of shipwreck projects around the world including the Caribbean, Mediterranean and Atlantic Oceans. For further information, contact Seahawk through its web site: www.seahawkdot.com