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Odyssey Marine Exploration Completes Offering



February 4, 2010 - Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, today announced that it has completed its previously disclosed registered direct offering of shares of common stock and warrants to purchase common stock. The investors included institutional investors, private investors and company management. The gross proceeds to Odyssey were approximately $6.3 million before placement agent fees and offering expenses.

In connection with the offering, Odyssey sold 4,000,000 units for $1.565 per unit. Each unit consists of one share of common stock and a warrant to purchase 0.6 shares of common stock. The warrants have an exercise price of $2.25 per share of common stock and will be exercisable in accordance with their terms at any time on or before the close of business on January 29, 2013.

Odyssey intends to use the net proceeds of the offering for working capital, capital expenditures, and other general corporate purposes.

Chardan Capital Markets, LLC acted as placement agent with respect to a portion on the units sold.

A Form S-3 shelf registration statement relating to the securities sold by Odyssey in the offering previously was filed with, and has been declared effective by, the Securities and Exchange Commission. All of the securities having been sold, this press release appears as a matter of record only. A copy of the prospectus supplement and the accompanying prospectus relating to the offering is available through the Internet web site maintained by the SEC at the following address: http://www.sec.gov.

Odyssey Marine Exploration 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" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2008, which has been filed with the Securities and Exchange Commission.


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