Odyssey Marine Exploration Hurricane Katrina Update

Note: Odyssey Marine Exploration now trades on the NASDAQ® Stock Market under the symbol OMEX.

Odyssey Marine Exploration Hurricane Katrina Update

Company Evacuates High-Value Artifacts and Treasure

Tampa, FL - September 7, 2005 - Odyssey Marine Exploration (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, today provided an update regarding Odyssey's Shipwreck & Treasure Adventure in New Orleans, LA, and the after-effects of Hurricane Katrina.

The Company reiterated that the Jax Brewery building in which the attraction resides appears structurally sound, that there was no flooding in the immediate area, and that security conditions on the streets of the French Quarter have stabilized with a massive National Guard presence. No damage resulting from looting, fires, or flooding have been reported to the Jax building or the Odyssey attraction or any of its exhibits. Additionally, Odyssey was able to safely remove all irreplaceable artifacts and valuables including all coins and other high-value items from New Orleans.

Steps are now being taken to provide assistance for staff and their families afflicted by Hurricane Katrina. Tampa-based employees have offered their homes and other resources to support their New Orleans colleagues.

As previously announced, Odyssey has insurance coverage for damage and business interruption due to natural catastrophes. Odyssey will provide more specific information about insurance coverage, as well as other financial impact due to Katrina, in its third quarter 2005 earnings release and 10-Q filing.

"We're pleased to announce that our employees are out of New Orleans and doing well considering the challenging circumstances they faced. In a remarkable operation coordinated by our security team, we have already successfully transported all our coins and important artifacts back to Florida," said Greg Stemm, Odyssey's Co-founder. "We look forward to doing our part to help New Orleans recapture its remarkable spirit so residents and visitors can once again enjoy the many cultural and entertainment assets of this extraordinary city."

About Odyssey Marine Exploration

Odyssey Marine Exploration is an American Stock Exchange Company (Ticker symbol: OMR) with several shipwreck projects in various stages of development throughout the world including the "Atlas" and Sussex projects. Additional information about Odyssey, its projects and equipment is available at shipwreck.net.

For more information, please contract John McNeilly 813-876-1776 (extension 2553).

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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/A for the year ended December 31, 2004, which has been filed with the Securities and Exchange Commission.