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Odyssey to Request En Banc Hearing in "Black Swan" Case to Address Contradictions in Eleventh Circuit's Ruling

Tampa, FL – September 21, 2011 – Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), today announced that it will request an en banc hearing (a hearing before all the Eleventh Circuit Court of Appeals judges) in the “Black Swan” case and will point out that today’s decision by a panel of only three judges from the Eleventh Circuit affirming the district court’s dismissal of the case is contrary to other Eleventh Circuit opinions and rulings by the United States Supreme Court.

In today’s opinion, the appellate court agreed with the lower court’s finding that the U.S. federal court lacked jurisdiction over property recovered by Odyssey from the Atlantic Ocean in 2007. The opinion concluded that the recovery was that of the sovereign immune shipwreck Nuestra Senora de las Mercedes, a Spanish vessel that perished in 1804, even though Spain’s attorney admitted to the Eleventh Circuit panel that the majority of the coins aboard were not owned by Spain at the time of the sinking. Because no vessel was found or recovered at the site and identification was not certain, Odyssey code named the site “Black Swan.” Odyssey argued that even if the recovered cargo had originated from the Mercedes, that vessel was primarily on a commercial voyage when it sank, and therefore should not be considered as a “warship” having immunity from the jurisdiction of the court. Judge Black, writing for the Eleventh Circuit, concluded that the Foreign Sovereign Immunities Act (FSIA) applied in the case because, “The shipwreck of the Mercedes is thus unquestionably the property of Spain.” In an apparent contradiction however, the opinion also states, “We do not hold the recovered res is ultimately Spanish property.”

Odyssey had also argued that sovereign immunity should not apply because Spain did not have possession of the recovered property, citing several cases requiring possession in similar admiralty cases, but the Court ruled that the FSIA does not require possession in order for a foreign country to claim immunity over its sunken warships. The appellate court also affirmed the trial court’s order which directed Odyssey to return the property to Spain, but according to the district court’s ruling, this order is stayed until the appeals process is complete.

“We are certainly disappointed by the Eleventh Circuit’s ruling,” said Melinda MacConnel, Odyssey’s Vice President and General Counsel. “We believe the U.S. Constitution and all other applicable laws give jurisdiction to the U.S. courts to determine the rights of Odyssey, Spain and all other claimants in this case. Furthermore, we believe this ruling contradicts other Eleventh Circuit and Supreme Court opinions.”

“While we were surprised by the ruling and are obviously not pleased with the opinion, there is no near-term economic impact on the company and our day-to-day business operations,” stated Mark Gordon, Odyssey President and COO. “Since the original adverse ruling in the ‘Black Swan’ case, we have developed numerous shipwreck projects and opportunities to move the company forward. We have been successful in working with other governments on shipwreck projects that determine a salvage award in advance and we’ve had some very promising results on several recent projects which we expect to confirm very soon.”

 

About Odyssey Marine Exploration, Inc.

Odyssey Marine Exploration, Inc. (NasdaqCM: 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 provides proprietary deep-ocean expertise and equipment to Neptune Minerals under contract. Odyssey also provides deep-ocean contracting services to governments and companies around the world.

Odyssey discovered the Civil War-era shipwreck of the SS Republic® in 2003 and recovered over 50,000 coins and 14,000 artifacts from the site nearly 1,700 feet deep. In May 2007, Odyssey announced the historic deep-ocean treasure recovery of over 500,000 silver and gold coins, weighing 17 tons, from a Colonial era site code-named "Black Swan." In February 2009, Odyssey announced the discovery of Balchin's HMS Victory. Odyssey also has other shipwreck projects in various stages of development around the world.

Odyssey offers various ways to share in the excitement of deep-ocean exploration by making shipwreck treasures and artifacts available to collectors, the general public and students 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 www.facebook.com/OdysseyMarine and a Twitter feed at www.twitter.com/OdysseyMarine.


Odyssey's shipwreck operations are the subject of a Discovery Channel television series titled "Treasure Quest," produced by JWM Productions. The 12-episode first season aired worldwide in 2009.


Following previous successful engagements in New Orleans, Tampa, Detroit, Oklahoma City, Charlotte and Baltimore, Odyssey's SHIPWRECK! exhibit is currently on display at G.WIZ - The Science Museum in Sarasota, Florida until August 31, 2011. The exhibit will then open at the Witte Museum in San Antonio, TX on October 1, 2011.

For details on Odyssey's activities and its commitment to the preservation of maritime heritage please visit www.shipwreck.net.


Forward-Looking Information

This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations regarding the completion of the public offering. These statements are based on management’s current expectations and accordingly are subject to uncertainty and changes in circumstances. Actual results and the timing of events may vary materially from those expressed or implied by such forward-looking statements due to various important factors, including, without limitation, risks and uncertainties related to the Company’s business and the satisfaction of the conditions of the closing of the public offering. More detailed information about those factors is set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.


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