News & Media
Odyssey Marine Exploration Provides Operations Update
Tampa, FL - June 28, 2006 - Odyssey Marine Exploration, Inc. (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, provided an operations update today.
The new search vessel recently purchased by the Company has left dry-dock following mobilization and technological upgrades and is en route to begin operations. This ship, approximately the same size as the Odyssey Explorer, will be fitted with a complete suite of advanced search gear including Odyssey's newest and most advanced side-scan sonar system. In the mean time, the ship will be conducting preliminary Remotely Operated Vehicle (ROV) survey operations on potential targets which have already been located during the Company's other operations.
The Odyssey Explorer continues search operations on an un-named project in the Mediterranean. Operations on this project have been efficient with the ship seeing virtually no down time since the project was commenced earlier in the year.
Odyssey's leased vessel continues to conduct side-scan search operations and anomaly inspections for the "Atlas" search project. The Company's research indicates that a minimum of five high-value shipwrecks are located within the "Atlas" search area.
"This is a truly exciting time in Odyssey's history. For the first time, we'll have three large research ships working simultaneously on major shipwreck expeditions throughout the world. This year's expansion of our search and excavation capabilities and operations reflects our focus and commitment to our core business - finding shipwrecks of significant value," said Greg Stemm, Odyssey's co-founder.
In March 2006, Odyssey submitted an archaeological plan which addressed issues raised by the Autonomous Region of Andaluc?and the central Spanish government in reference to the ongoing HMS Sussex project. In May 2006, a response was received from the Ministry of Foreign Affairs with several technical questions raised by the Junta of Andalucia. In early June, the Company provided clarification on these points to the Kingdom of Spain's Ministry of Foreign Affairs through the offices of the Embassy of the United Kingdom. Odyssey is awaiting final comments on the plan before resuming operations on the shipwreck believed to be HMS Sussex.
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. The Company has also completed a portion of Phase 1B. (A public version of the project plan is available for viewing at www.shipwreck.net.)
Other Odyssey News
In other Company news, a South Carolina Circuit Judge has ruled to dismiss a lawsuit filed against Odyssey Marine in the state's court. A copy of the complete ruling can be accessed at www.shipwreck.net/ruling.php.
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 abou? Odyssey, its projects, methodologies and technologies, is available at www.shipwreck.net.
In order to protect the identities of the targets of planned search operations, Odyssey may not disclose specific information relating to ship operations and search targets until the Company has located the targeted shipwreck or shipwrecks and determined a course of action to protect its property rights, which may include recovery of artifacts and transport to an appropriate jurisdiction.
For additional information, please contact Odyssey's Manager of Corporate Communications, at 813-876-1776.
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