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Odyssey Marine Exploration Purchases Additional Vessel

New Ship Expands Company's Shipwreck Search Capabilities

Tampa, FL - June 27, 2006 - Odyssey Marine Exploration, Inc. (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, has purchased an additional ship similar in size to the Odyssey Explorer.

This ship has completed preliminary mobilization and will be equipped with a state-of-the-art side-scan sonar system and a Remotely Operated Vehicle (ROV) to conduct search operations and target inspections.

"As we focus our efforts on our core business - finding and recovering shipwrecks around the world - expanding our operational capabilities with an upgraded search and ROV operations platform is a key component in our long-term business strategy. This new vessel is a flexible and extremely stable platform and will provide us with worldwide heavy weather operational capability as our primary search and target inspection vessel, while still being available as needed for other operations," said Greg Stemm, Odyssey's co-founder. "The addition of this ship means we will have three major expeditions going on this year, which will be a 'first' for Odyssey."

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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