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Odyssey Marine Expands Shipwreck Search and Recovery Capabilities

Company Adds ZEUS II Recovery ROV

Tampa, FL - June 23, 2006 - Odyssey Marine Exploration, Inc. (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, announced it has purchased and taken delivery of a second work-class Remotely Operated Vehicle (ROV) capable of conducting deep-ocean archaeological excavation and recovery work on the Company's shipwreck projects.

Financing for the purchase was provided by Mercantile Bank.

ZEUS II, like its Odyssey predecessor ZEUS, was built by SMD of Newcastle, England, one of the world's leading manufacturers of state-of-the-art, deep-water robotic systems. The new ROV is a 9-ton, advanced underwater robotic system capable of working on sites up to 2,500 meters (8,200 feet) deep, and at 400 HP, it has twice the power of ZEUS, making it one of the world's most powerful deep ocean work platforms. Odyssey is planning to outfit ZEUS II with state-of-the-art equipment for underwater archaeological projects including advanced acoustic positioning gear as well as a suite of high-definition cameras which are being added to document Odyssey's underwater archaeological operations.

"ZEUS II provides us with a second highly specialized underwater robotic system to expand our capabilities for archaeological excavation and recovery. We've been extremely pleased with the performance of ZEUS over the past few years. Adding a second 'next generation' ZEUS with more than twice as much power will allow us to seamlessly interchange our archaeologists and technicians between both systems while expanding our operational capacity," said Greg Stemm, co-founder of Odyssey Marine. "The acquisition of this system demonstrates our Company's commitment to expanding our offshore operational capacity."

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, methodologies and technologies, is available at www.shipwreck.net.

For additional information, please contact John McNeilly, Odyssey's Manager of Corporate Communications, at 813-876-1776.

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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," and "Business" in the Company's annual report on Form 10-K for the year ended December 31, 2005, which has been filed with the Securities and Exchange Commission.
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