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Spain, the United Kingdom and the Junta of Andalucia Agree to Sussex Shipwreck Archaeology Project

The Spanish Ministry of Foreign Affairs has Issued a Press Release indicating the successful conclusion of negotiations relating to HMS Sussex

Tampa, FL, March 26, 2007 - Odyssey Marine Exploration Inc. (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, is pleased to publicly announce the conclusion of diplomatic negotiations for the archaeological project related to the shipwreck of HMS Sussex lost in 1694.

A meeting of experts from the United Kingdom, the Junta of Andalucia and Odyssey Marine Exploration last week convened in Seville, Spain to discuss the archaeological plan related to HMS Sussex. After the meeting's successful conclusion, the Spanish Ministry of Foreign Affairs issued a press release, the English translation of which follows.

[Original Spanish version of the document: http://shipwreck.net/official_mfa_release.pdf ]

[Translation]

MINISTRY OF FOREIGN AFFAIRS AND COOPERATION

General Directorate for External Communication

PRESS NOTE

Agreement between Spain and the United Kingdom to carry out an underwater survey for the identification of the wreck of HMS Sussex

Twenty-third of March 2007. The Ministry of Foreign Affairs and Cooperation has the pleasure of announcing that Spain and the United Kingdom have reached an agreement in order to proceed to carry out an underwater archaeological survey in waters of the Alboran Sea for the identification of the wreck corresponding to HMS Sussex, a sovereign vessel of the English flag that shipwrecked in said sea in 1694.

This project, which will be carried out by the company Odyssey Marine Exploration, will follow rigorous archaeological protocols. The Junta de Andalucia will participate in it. Prior to the commencement of operations, a coordination meeting is scheduled for today between specialists nominated by the British Ministry of Defense and the Junta de Andalucia. Periodic coordination meetings are also scheduled to be held whilst the operations are being carried out. The Junta de Andalucia will name archaeologists to participate in said project. This participation by the Junta is intended to ensure that the project complies with all the applicable laws relating to the due protection of underwater cultural heritage.

The company Odyssey Marine Exploration, registered in the United States and having an exclusive contract with the Government of the United Kingdom for the archaeological project of the HMS Sussex, will carry out operations aimed at locating said shipwreck by virtue of the agreement reached.

In the event that it is proven that the ship is HMS Sussex, Spain will recognize that the wreck, its appurtenances and contents are the property of the United Kingdom by virtue of the rules of applicable International Law.

[end of translation]

The issuance of this release signals the public announcement of the conclusion to sensitive diplomatic negotiations that have been taking place since Odyssey suspended operations at the site believed to be HMS Sussex near the straits of Gibraltar last spring.

About 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.

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.

For additional information, please contact Natja Igney, at 813-876-1776 (ext. 2553).

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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 10KSB for the year ended December 31, 2006, which has been filed with the Securities and Exchange Commission.

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