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The 251' Odyssey Explorer serves as Odyssey's archaeological platform
The 8-ton ROV ZEUS is prepared for launch to the seabed
Heaps of white ironstone china carpet the SS Republic wreck site
An ironstone footbath is one of the many intact pieces recovered from the seabed
A 19th-century inkstand recovered from the SS Republic still boasts its original writing fluid

Odyssey Marine Exploration Reports Continued Improvement in Financial Performance

Revenues Increased 56% Over Second Quarter 2010

Tampa, FL – August 8, 2011 – Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, today filed a quarterly report with the Securities and Exchange Commission detailing results of the Company's second quarter 2011.

For the second quarter of 2011, Odyssey reported revenue of $6.7 million, compared to $4.3 million in the second quarter 2010. The Company also reported a quarterly net loss of $1.9 million, compared to a net loss of $3.5 million in 2010. The net loss per share for the second quarter was $0.07, compared to a net loss of $0.05 per share in the second quarter 2010. In calculating the net loss per share available to shareholders, an additional $2.6 million is added to the GAAP net loss for non-cash transactions of the Series G redeemable preferred stock and warrants as explained in the Notes to the Financial Statements.

“Our revenue is up, our net loss is down, and we were recently added to the Russell 3000® and Russell Global® Indexes. The Odyssey Explorer is working on a shipwreck project and the Gairsoppa operation is now underway. Recent developments lead us to believe that we will begin excavation of at least one of our high-value shipwreck targets this working season. We have the cash available on hand to execute the most ambitious marine operations program in the history of our company. Our team aboard the Dorado Discovery is approximately halfway through another successful deep-ocean mineral exploration survey being conducted for Neptune Minerals in the South Pacific. There have already been discoveries of several new SMS deposits with assay results confirming exceptionally high grade gold, silver, zinc and copper ore,” said Greg Stemm, Odyssey CEO. “We are looking forward to a number of possible positive developments in the near future including progress on our shipwreck projects and government negotiations, a positive ruling in the “Black Swan” case, and additional positive results from the mineral exploration work being conducted on behalf of Neptune Minerals. As we consider our position in the context of the uncertainty in the global markets, we believe that our counter-cyclical business model positions us to do well. With gold and silver near all-time highs, and our unprecedented backlog of advanced stage shipwreck projects, I have never been more optimistic about our outlook and near-term value creation opportunities."

SECOND QUARTER 2011 RESULTS

Revenue

The increase in total revenue of $2.4 million was primarily related to an increase in expedition charter revenue. The increase in expedition charter revenue was associated with an increase in subsea mineral mining charters ($4.2 million) offset by a reduction of Robert Fraser shipwreck projects ($1.6 million) and other miscellaneous charters ($.1 million).

Odyssey’s exhibit, SHIPWRECK! Pirates & Treasure, was not on display and was undergoing renovations in the second quarter 2010. The exhibit is currently on display at G.WIZ - The Science Museum in Sarasota, Florida until August 31, 2011. Beginning October 1, 2011, the exhibit will entertain and educate visitors at the Witte Museum in San Antonio, Texas. The exhibit is currently booked through mid-2012.

Operating Expenses

Marketing, general and administrative expenses of $2.4 million in 2011 as compared to $2.3 million in 2010 primarily represented an increase in employee-related and crew transportation expenses in 2011.

Operations and research expenses were $5.2 million in 2011 as compared to $5.1 million in 2010. The $.1 million increase was primarily due to marine operations. Marine operations and vessel expenses were predominantly offsetting between the two periods. The Dorado Discovery comprised a $1.6 million increase in the second quarter 2011 since the ship was not in active service until June 2010. These increases were offset by favorable expenses of the Ocean Alert ($.2 million) which was not working in the first six months of 2011, favorable expenses of the Odyssey Explorer ($.1 million) and charter expenses in 2010 related to the Kommandor Stuart ($1.2 million). Odyssey is currently considering several options for the Ocean Alert including charter, use on a potential project in the Eastern Mediterranean and potential sale.

Other Income (Expense)

The $.6 million unfavorable increase of other expense in the second quarter of 2011 was primarily related to the $1.3 million increase in the loss on Odyssey’s equity investment in the mining business in the three months of 2011 versus 2010 offset by a $.7 million favorable change in fair value of the derivative (see the Notes to the Financial Statements).

QUARTERLY OPERATIONAL UPDATE

Odyssey has numerous shipwreck projects in various stages of development around the world. In order to protect the targets of the Company’s planned search or recovery operations, in some cases Odyssey will defer disclosing specific information relating to its projects until the Company has located a shipwreck or targets of interest and determined a course of action to protect Odyssey’s property rights.

Additional information regarding Odyssey’s announced projects may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and Form 10-Q for the quarter ended March 31, 2011. Only projects with material status updates since those reports were filed are discussed below. Odyssey may have other projects in various stages of planning or execution that may not be disclosed for security or legal reasons until considered appropriate by management.

Odyssey may use its owned vessels, the Odyssey Explorer and Ocean Alert, the Dorado Discovery, which the Company has on long-term charter, or chartered vessels to conduct operations based on availability.

“Atlas” Search Project

Between 2005 and 2011, Odyssey searched more than 5,000 square nautical miles of seabed in the western English Channel and the Western Approaches to the Channel, recording approximately 300 shipwrecks. The shipwrecks discovered include site “35-F,” the Marquise de Tornay, and HMS Victory (1744) as well as other identified and unidentified shipwrecks. Additional high-value targets are believed to be within the “Atlas” search area.

2011 operations in the “Atlas” search area are underway and planned work this year includes additional search, inspection and verification work on several target shipwrecks.

HMS Victory Project

Odyssey discovered and conducted a preliminary investigation of the shipwreck of Admiral Balchin’s HMS Victory (which sank in 1744) during Odyssey’s 2008 “Atlas” season. HMS Victory was the inspiration for and direct predecessor to Nelson’s Victory and was the mightiest and most technically advanced vessel of her age.

Odyssey has been cooperating closely with the United Kingdom (UK) Ministry of Defence (the “MOD”) on the project. All activities at the site, including the recovery of two bronze cannon, have been conducted in accordance with protocols approved by the UK Government (UKG) and Royal Navy officials. The Victory discovery was announced publicly February 2, 2009. On September 18, 2009, Odyssey announced an agreement with the UKG on an 80% salvage award for the cannon recovered from the site.

The UKG (MOD and Department for Culture, Media and Sport) held a Public Consultation on options for the management of the wreck site of HMS Victory and the results of that consultation were published on July 19, 2011. The report concludes it is unlikely public funds can be made available to support the project therefore other funding options must be explored. The UKG has decided to give responsibility for future management of the site to a charitable trust. Odyssey intends to keep open the offer made to the UK Government and/or charitable trust pending final disposition of the shipwreck.

After notification and agreement with the UK Ministry of Defence, Odyssey conducted a reconnaissance of the site in April 2011 and discovered additional damage to the site. A full report on Odyssey’s findings has been provided to the MOD. Odyssey is continuing to offer its services for the management, archaeological recovery and protection of underwater cultural heritage believed to be at risk on the site consistent with the archaeological principles of the United Nations Educational Scientific and Cultural Organization’s (UNESCO) Convention for the Protection of Underwater Cultural Heritage (“CPUCH”).

Robert Fraser Projects (“Enigma II,” “Firebrand,” “Shantaram”)

Odyssey executed agreements in 2010 with clients of Robert Fraser & Partners LLP (RFP) for three shipwreck search projects code named “Firebrand,” “Shantaram” and “Enigma II.”

Two of the three “Robert Fraser Marine” search projects conducted in 2010 have now moved into the “verification” phase. Based on preliminary results, there is evidence suggesting that at least one of the target shipwrecks has been located. Agreements for both of these projects have been executed and funded. The “Firebrand” search project has been completed and full reports on the findings are being prepared for clients of Robert Fraser and Partners, who will determine next steps, if any, on the sites discovered and documented.

To protect the security of the operations and search areas, specific location details for “Enigma,” “Firebrand” and “Shantaram” are not being released at this time. Odyssey is currently working with RFP on the possibility of another shipwreck project later in the year.

Gairsoppa Project

On January 25, 2010, Odyssey was awarded the exclusive salvage contract for the cargo of the SS Gairsoppa by the United Kingdom (UK) Government Department for Transport. The contract was awarded after a competitive bid process and currently expires in January 2013. The SS Gairsoppa was a British cargo steamer enlisted in the service of the United Kingdom for the Ministry of War Transport during World War II. It was torpedoed by a German U-Boat in February 1941 in the North Atlantic while reportedly carrying a significant cargo of silver.

Odyssey will assume the risk, expense, and responsibility for the search, cargo recovery, documentation, and marketing of the cargo. If the salvage is successful, Odyssey will be compensated with a salvage award which consists of 80% of the net value of the recovered cargo after deduction of expenses of search and salvage. This project aligns with Odyssey’s strategy to focus on partnership projects with governments that provide straightforward legal ownership arrangements.

In June 2011, Odyssey executed a charter agreement to utilize the Russian Research Vessel Yuzhmorgeologiya to conduct search operations for the SS Gairsoppa. Search operations began in July 2011.

Just before the Company embarked on this mission, Odyssey was able to acquire valuable new research data that significantly reduces the search area and enhances the speed and probability of success on this project.

Subsea Mineral Mining and Exploration Project

The Dorado Discovery continued charter work conducting geological exploration services to Neptune Minerals, Inc. (“Neptune” or “NMI”) to explore NMI’s tenements in the waters surrounding New Zealand. This 50-day charter concluded in May 2011. Odyssey received $3 million in cash plus additional equity in Neptune for this charter.

On June 3, 2011, NMI completed a share exchange with the stockholders of Dorado Ocean Resources Limited (“Dorado” or “DOR”) whereby each one outstanding share of DOR was exchanged for 1,000 shares of NMI Class B non-voting common stock. Prior to the share exchange, Odyssey was a stockholder of DOR, and Odyssey received 1.65 million shares of NMI Class B non-voting common stock pursuant to the share exchange. In connection with the share exchange, NMI executed an assignment and assumption agreement, whereby NMI assumed $8.2 million of the outstanding debt of DOR owed to Odyssey. In addition, Odyssey executed a debt conversion agreement with NMI, whereby Odyssey converted $2.5 million of the debt for 2.5 million shares of NMI Class B non-voting common stock (See NOTE F).

Another 100-day charter began in June 2011 in South Pacific tenement areas previously controlled by DOR. The charter was valued at $6.9 million representing both cash and additional equity in Neptune. While this expedition is only partially complete, there have been several new discoveries of SMS deposits with assay results indicating substantial incidence of high grade gold, silver, zinc and copper ore.

The two charter agreements have generated positive cash flows for Odyssey and have also allowed us to acquire additional equity at attractive valuations. To date, Neptune has been successful in attracting the investment capital required to fund mineral exploration expeditions and to facilitate its path to commercially viable ore extraction

Black Swan” Admiralty Update

Odyssey appealed the district court’s dismissal of the "Black Swan" case to the Eleventh Circuit Court of Appeals on May 11, 2010. Spain filedits Response to Odyssey’s appeal on July 19, 2010, and Odyssey’s Reply to Spain’s Response was filed on August 19, 2010. Oral arguments were held in the Eleventh Circuit Court on May 24, 2011 in Atlanta, Georgia, and Odyssey is currently awaiting a decision. All of Odyssey’s significant filings to-date, including those made at the district court level, can be viewed at http://www.shipwreck.net/blackswanlegal.php.

Unidentified Shipwreck (Bray Case)

On March 31, 2011, the Eleventh Circuit Court of Appeals reversed the dismissal of the case finding that an agreement for the purchase of shipwreck research materials is a maritime contract for purposes of admiralty jurisdiction. As reflected in the position taken in the Company’s court filings, Odyssey is satisfied with this finding as the Company hoped to litigate what it considers a frivolous claim to deal with it as quickly as possible. A status conference was held in July, and Odyssey plans to file a Motion for Summary Judgment in the case.

About Odyssey Marine Exploration, Inc.

Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) is engaged in deep-ocean exploration using innovative methods and state-of-the-art technology. The Company is a world leader in shipwreck exploration, conducting extensive search and archaeological recovery operations on deep-ocean shipwrecks around the world. Odyssey also has a minority ownership stake in Neptune Minerals, a company focused on discovering and commercializing high-value mineral deposits from the ocean floor, and provides proprietary deep-ocean expertise and equipment to Neptune Minerals under contract. Odyssey also provides deep-ocean contracting services to governments and companies 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, Odyssey announced the 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." In February 2009, Odyssey announced the discovery of Balchin's HMS Victory. Odyssey also has other 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, television, merchandise, educational programs and virtual museum located at www.odysseysvirtualmuseum.com. The company also maintains a Facebook page at www.facebook.com/OdysseyMarine and a Twitter feed at www.twitter.com/OdysseyMarine.
Odyssey's shipwreck operations are the subject of a Discovery Channel television series titled "Treasure Quest," produced by JWM Productions. The 12-episode first season aired worldwide in 2009.
Following previous successful engagements in New Orleans, Tampa, Detroit, Oklahoma City, Charlotte and Baltimore, Odyssey's SHIPWRECK! exhibit is currently on display at G.WIZ - The Science Museum in Sarasota, Florida until August 31, 2011. The exhibit will then open at the Witte Museum in San Antonio, TX on October 1, 2011.

For details on Odyssey's activities and its commitment to the preservation of maritime heritage please visit www.shipwreck.net.

For consolidated financial statements as well as the full filing, please go to: http://www.sec.gov/Archives/edgar/data/798528/000119312511214196/d10q.htm

Forward-Looking Information

This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations regarding the completion of the public offering. These statements are based on management’s current expectations and accordingly are subject to uncertainty and changes in circumstances. Actual results and the timing of events may vary materially from those expressed or implied by such forward-looking statements due to various important factors, including, without limitation, risks and uncertainties related to the Company’s business and the satisfaction of the conditions of the closing of the public offering. More detailed information about those factors is set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.


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