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Odyssey Explorer Completes Repairs And Upgrades And Mobilizes For Upcoming Project Operations

Tampa, FL - March 19, 2008 - Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) today announced that following a scheduled winter maintenance period, its recovery vessel Odyssey Explorer has completed routine repairs and extensive upgrades and is mobilizing for upcoming project operations.

The upgrades to Odyssey's 251' deep-ocean archaeological platform include the addition of the following equipment, specifically designed to enhance the Explorer's documentational and recovery capabilities in preparation for commencement of spring 2008 operations:
  • Installation of ZEUS II, a next-generation heavy work Remotely Operated Vehicle (ROV), reconfigured for deep ocean archaeological survey and recovery operations including inspections, photographic and video documentation and artifact recovery. While ZEUS II looks very similar to the original ZEUS ROV, it has twice the power of the original ZEUS, as well as advanced control system and telemetry making it one of the world's most capable deep-ocean archaeological work platforms.

  • Installation of a light work ROV, designed to perform archaeological inspections, photographic and video documentation. This system has been installed for sea trials following an extensive upgrade to increase its capability to 3,000 meters.

  • Installation of an upgraded, state-of-the-art dual frequency sidescan sonar system and upgrade of computer systems and data recording capabilities.
ZEUS I has temporarily been removed from the Odyssey Explorer and placed in a secure facility where it is undergoing a complete refurbishment and upgrade.

Other work in dry dock included main engine and generator strip downs, extensive steelwork repairs to the aft ballast tanks to meet Class requirements, and brought forward four additional Class surveys, normally scheduled for July 2008 but executed early in order not to interfere with search and recovery operations in the prime work season.

"These upgrades to the Explorer, although time-consuming, have increased our vessel's search and recovery capabilities and will increase the dependability of the vessel. This investment represents another important step in Odyssey's strategic plan of maintaining and strengthening our position as the world leader in archaeologically sensitive deep-ocean shipwreck exploration. We are now looking forward to mobilizing the Explorer and putting her back to work on some of our most promising targets soon," said Greg Stemm, Odyssey's Chief Executive Officer.

The Explorer's sister ship, Ocean Alert, is currently still in Falmouth, UK where she continues to undergo extensive engine repairs and upgrades, scheduled to be completed in April 2008. The vessel is being configured with upgraded deep and shallow side scan search systems for upcoming project search operations.

About Odyssey Marine Exploration, Inc.

Odyssey Marine Exploration, Inc. (NasdaqCM: 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.

For more information please contact Natja Igney, Odyssey's Manager of Corporate Communications, at (813) 876-1776 x 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" 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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