News & Media
Odyssey Marine Exploration Provides Operations Update
"Atlas" Search Project Resumes
Tampa, FL (May 05, 2006) - Odyssey Marine Exploration Inc. (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, provided an operations update today.
The Company resumed search operations on its "Atlas" project in April utilizing a ship equipped with Odyssey's advanced side-scan sonar, magnetometer and other proprietary technology. In addition, Odyssey's MaxRover ROV, nicknamed "CLIO," has been relocated to the "Atlas" search area to be used for site inspections.
The 2005 search operations in the "Atlas" area 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.
Odyssey's research indicates that a minimum of five high-value shipwrecks are in the "Atlas" search area. (For reasons of security and strategic confidentiality, the Company does not disclose the location of the "Atlas" area.)
Odyssey's 251' deep-ocean archaeological platform, the Odyssey Explorer continues to work on several deep-ocean projects in the Mediterranean. For security reasons, information relating to these projects may not be disclosed until completion of recovery operations.
In March 2006, Odyssey submitted an archaeological plan which addressed all issues raised by the Autonomous Region of Andalucia and the central Spanish government in reference to the ongoing HMS Sussex project. The Company is awaiting final comments and approval of the plan before continuing operations on that shipwreck.
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 has completed to the satisfaction of the Government of the United Kingdom all work detailed in Phase 1A of the Sussex archaeological project plan. Odyssey has also completed a portion of Phase 1B. (A public version of the project plan is available for viewing at (www.shipwreck.net.)
After investigating opportunities to increase revenue and reduce expenses without compromising the overall strategic business plan, the Company decided to restructure its Business Development/Sales structure. Based on several favorable tests, direct sales (inbound and outbound call center and related infrastructure) have been outsourced to an experienced direct marketing call center partner so that the internal business development team can focus on business to business (wholesale) sales channels and joint venture opportunities. The final phase of this restructuring resulted in the elimination of seven positions associated with call center functions.
About Odyssey Marine Exploration
Odyssey Marine Exploration is an American Stock Exchange Company with several shipwreck projects in various stages of development throughout the world. Additional information about Odyssey, its projects and methodologies, is available at www.shipwreck.net.
In conjunction with the Company's annual meeting for shareholders, a list of questions and answers provided at the meeting will also be available on the Company's website, www.shipwreck.net, after 9:30am today.
For additional information, please contact John McNeilly, Odyssey's Manager of Corporate Communications, at 813-876-1776.
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