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Odyssey's Shipwreck & Treasure Adventure Grand Opening And Hurricane Katrina Update

TAMPA, FL - August 29, 2005 - Odyssey Marine Exploration (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, celebrated the grand opening of the first Odyssey Shipwreck & Treasure Adventure on Saturday, August 27 at the Jax Brewery complex in the French Quarter of New Orleans.

In spite of the hurricane bearing down on New Orleans, the event was well attended by a crowd that filled Decatur Street in a lively parade and included dignitaries from the Louisiana Governor's office, the New Orleans Mayor's office and other local politicians who attended to show their support for the attraction. Proclamations from the Governor, the Mayor and the City Council demonstrated the significant amount of support that Odyssey's attraction is receiving. August 27 was even proclaimed "Odyssey Shipwreck and Treasure Adventure Day" in the City of New Orleans.

Initial feedback from attendees who had the opportunity to experience the attraction indicated that their experience was first rate and surpassed their expectations.

The attraction was closed early on the Grand Opening day as a safety precaution and both Tampa-based and New Orleans-based employees secured artifacts and the facility over the weekend, following the institution of the company's security and hurricane safety plan.

All Tampa-based employees were safely evacuated and have returned or are en route to Tampa, and our New Orleans-based employees have taken appropriate safety precautions and evacuated the city or have moved to appropriate shelter. Odyssey has posted a 24 hour security detail at the attraction, and the report as of Noon EST today from the site was that the building is secure, and aside from one small roof leak and some wet carpet, there has been no damage. At one point, water had risen in the street to the first step leading into the building but has now begun to recede, according to Odyssey's security detail at the site.

Luckily, the attraction is on the third floor on the safest side of the building, and Jax Brewery is on some of the highest ground in the French Quarter. The attraction is fully insured including flood and business interruption coverage.

"It was a harrowing day preparing for Katrina, but no matter what the result of the hurricane, we are sure that the awesome spirit of the people of New Orleans will prevail," commented Greg Stemm, Odyssey's co-founder. "In the short time we were open, I was ecstatic about the feedback from both adults and children alike. No one has ever seen anything like this attraction, and I believe we have the makings of a fantastic new aspect to our business. Right now, we are focusing on the safety of our employees and the people in Katrina's path and stand ready to do as much as possible to contribute to assisting our new neighbors in New Orleans."

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

For more information, please contract Laura Barton at 813-876-1776 (extension 2562).

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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

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