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Odyssey Provides HMS Sussex Project Update

Sussex Project Proceeds as Planned

TAMPA, FL - January 12, 2006 - Odyssey Marine Exploration, Inc. (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, confirmed the Company had marine radio communications yesterday with the Guardia Civil based in Andalucia, Spain, while conducting archaeological operations on the site believed to be HMS Sussex.

The Master of the Odyssey Explorer was requested, via ship-to-ship radio transmissions, to appear in Spain to make a statement, apparently relating to the operations of the Odyssey Explorer. However, according to Odyssey's legal counsel in Spain, neither the ship nor the Master of the vessel fall under the jurisdiction of the authorities that delivered the request.

The Odyssey Explorer, Odyssey's 251' deep-ocean archaeological platform, continues to work on the site believed to be HMS Sussex pursuant to the project plan as presented to all appropriate government authorities in Spain, the United States and the United Kingdom. Odyssey maintains that all activities are being undertaken legally and pursuant to all relevant authorizations necessary for the continuation of these operations. The Company believes that interference with these lawful operations from any entity without jurisdiction would be illegal.

Greg Stemm, Odyssey's co-founder, stated "We respect international law and have continued the Sussex project based on the official communications that have taken place between the relevant governments and transmitted to Odyssey. We believe we are in good legal standing with all the competent governing authorities that have jurisdiction in this matter, and we intend to continue operations on the shipwreck believed to be HMS Sussex. We are concerned that a significant amount of false and misleading information has been furnished to the Spanish media. Nevertheless, we are steadfast in our resolve to conduct the Sussex excavation according to the approved project plan while attempting to address all reasonable concerns by relevant authorities."

In the mean time, operations continue on the site believed to be HMS Sussex and the Company believes that operational results so far have met all goals set forth in the initial stage of the project plan. Odyssey has submitted these results to the Government of the United Kingdom for approval in order to move to the next stage of the project.

The HMS Sussex was an 80-gun English warship lost in a severe storm in the western Mediterranean in 1694. Research suggests the Sussex was carrying a large cargo of coins when she sank. Odyssey believes it has located the shipwreck of HMS Sussex and has signed an exclusive partnering agreement with the legal owner of the shipwreck, the government of the United Kingdom, for the archaeological excavation of the shipwreck.

Odyssey Marine Exploration is an American Stock Exchange Company (Ticker symbol: OMR) with several shipwreck projects in various stages of development throughout the world. Additional information about Odyssey, its projects and equipment, is available at www.shipwreck.net. For additional information, please contact John McNeilly, Odyssey's Manager of Corporate Communication, at 813-876-1776.

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

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