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Ruling Allows Odyssey Shipwreck Cases to Move Forward

U.S. Federal Judge Holds That Odyssey's Pleadings Meet Rules of Procedure In Three Shipwreck Cases

Tampa, FL - March 6, 2008 - Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) today announced that on March 6, 2008, Judge Steven D. Merryday issued an Order relating to Spain's Motions to Dismiss the Amended Complaints that were filed by Odyssey in the arrest of three wreck sites.

Odyssey is pleased with the ruling of the judge in the cases of the three arrested sites which specifically states that "the allegations in the complaint and the disclosure in connection with discovery satisfy the requirements of applicable procedural rules and pleading principles. "

"This makes it clear that the first phase of these cases is complete and we can get beyond Spain's invalid arguments that Odyssey has not pled its case adequately. This means we can move forward to determine what basis, if any, Spain has for the claims it has made to these wreck sites," said Gregory P. Stemm, Odyssey's Chief Executive Officer.

The Court's Order makes it clear that if Odyssey promptly complies with the disclosure rulings of the Magistrate Judge in a satisfactory manner, the Company is not required to disclose any hypotheses as to the identities of the vessels.

"Odyssey has always complied with the Court's orders requiring prompt disclosure of all discovery, and will continue to do so. We certainly hope that Spain will now follow suit," stated Melinda J. MacConnel, Odyssey's General Counsel.

The Court's denial of certain Counts of the complaints relates only to jurisdiction. The Judge did not determine that Odyssey has no right to damages against Spain as a result of Spain's illegal actions against Odyssey and its vessels, only that he does not have the authority to award such damages. The most significant aspect of the ruling is the Court's declaration that Odyssey's pleadings and its disclosures have met all requirements of the federal rules of civil procedure. In every facet of its operations, whether they are archaeological or legal, Odyssey follows all applicable rules and procedures and conducts its business with the highest level of integrity.

About Odyssey Marine Exploration, Inc.

Odyssey Marine Exploration, Inc. (Nasdaq: OMEX) is engaged in the archaeologically sensitive exploration and recovery of shipwrecks and uses innovative methods and state-of-the-art technology to conduct extensive search and archaeological recovery operations around the world.

Odyssey discovered the Civil War era shipwreck of the SS Republic in 2003 and recovered over 50,000 coins and 14,000 artifacts from the site nearly 1,700 feet deep. In May 2007, the Company announced the largest historic deep-ocean treasure recovery of over 500,000 silver and gold coins, weighing 17 tons, from a Colonial era site code-named "Black Swan." Most recently, Odyssey was named sole custodian for a shipwreck site code-named "Firefly" off the coast of North Carolina. In addition, Odyssey has several shipwreck projects in various stages of development around the world.

Odyssey offers various ways to share in the excitement of deep-ocean exploration by making shipwreck treasures and artifacts available to collectors, the general public and students through its webstore, exhibits, books, videos, merchandise, and educational programs. Odyssey's "SHIPWRECK! Pirates & Treasure" exhibit recently ended its successful seven month engagement at the Tampa Museum of Science and Industry and is scheduled to re-open at the Detroit Science Center on March 24, 2008. For details on the Company's activities and its commitment to the preservation of maritime heritage please visit www.shipwreck.net.

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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" in the Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2006, which has been filed with the Securities and Exchange Commission.

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