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Odyssey Marine Exploration Provides Operational Update

Tampa, FL - November 7, 2005 - Odyssey Marine Exploration (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, released an operational update today.

The Company announced that 2005 operations on the "Atlas" search project will be suspended through the winter months due to inclement weather while the Odyssey Explorer is deployed to the Western Mediterranean to begin operations on HMS Sussex. The "Atlas" project is believed to be the most extensive shipwreck search operation ever launched and is utilizing the Odyssey Explorer, deploying the Remotely Operated Vehicle (ROV) ZEUS for target inspection and artifact recovery, and a second search ship using a new advanced side-scan system to search the ocean bottom. A minimum of five high-value shipwrecks are believed to be in this search area.

The 2005 search operations, which were initially announced May 4th, have resulted in the mapping of over 4,600 square miles of the search area. Results include the discovery of 2,421 anomalies on the sea floor using an advanced high-resolution side-scan sonar system. After post-processing data, over 1,100 of those anomalies were selected for possible further examination. Of those, 577 sites have been inspected and at least 180 are believed to be manmade or shipwreck sites.

Of the shipwrecks inspected by ZEUS, several exhibit key characteristics of some of the target shipwrecks being sought as part of the "Atlas" search project. Odyssey is currently analyzing high-definition video, digital photos and collected artifacts to determine the potential identity, cultural significance, and economic value of the inspected sites. Odyssey intends to complete the search of the "Atlas" area in 2006 when the weather window re-opens. (For reasons of security and strategic confidentiality, the Company does not disclose the location of the "Atlas" project area.)

The Odyssey Explorer, Odyssey's 251-foot deep ocean archaeological platform is currently being mobilized to resume operations on the shipwreck believed to be HMS Sussex. While en route to the Western Mediterranean, the Odyssey Explorer may spend several additional days inspecting targets discovered during the "Atlas" search, weather conditions permitting. Sussex operations are expected to commence shortly after the Odyssey Explorer reaches the Western Mediterranean.

"Since May of this year, we've conducted a highly efficient and productive search of a vast area in our 'Atlas' program, covering more miles than we anticipated. I'm thrilled with our progress and the significant number of targets located and we're looking forward to examining the data and artifacts collected," said Greg Stemm, co-founder of Odyssey Marine Exploration. "We're also excited about returning to the Western Mediterranean to prepare our ship and crew for the archaeological excavation of the Sussex."

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 www.shipwreck.net.

For more information, please contact John McNeilly, manager of corporate communications, at 813-876-1776 (ext. 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.

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