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Note: Odyssey Marine Exploration now trades on the American Stock Exchange (Amex) under the symbol OMR.

SUSSEX PROJECT MOVES AHEAD

TAMPA, FL - (May 30, 2003) Odyssey Marine Exploration (OTC Bulletin Board: OMEX) has agreed to a strategy with the Government of the United Kingdom of Great Britain and Northern Ireland for implementing the Project Plan relating to the shipwreck believed to be HMS Sussex.

In recent meetings between representatives for Odyssey Marine Exploration and the Government of the United Kingdom, involving the Ministry of Defence, the Department of Culture, Media and Sports, and HM Treasury, discussions were held to decide upon the Project Plan, which details the archaeological investigation and recovery of artifacts from the shipwreck site.

M.W. Robinson, a Director within the UK MOD Disposal Services Agency who chaired the meetings said," The process we have followed gives our Government greater comfort that this project will be accomplished professionally, and to best archaeological practice. The process has been long and detailed, and may have appeared to be overly cautious and slow. But, since this partnering arrangement is a first for us, we are endeavouring to establish the right framework from the beginning and we have Odyssey's commitment to help us."

Odyssey submitted two drafts of the Project Plan, which were subjected to several months of detailed scrutiny, analysis and comment by the Project Board, assisted by an independent Archaeological Review Group (a panel of expert archaeologists) chaired by English Heritage.

Both Parties recognise that even the most detailed plan, accounting for all likely occurrences, may require addition, modification, or revision as the project progresses. Therefore a new professional advisory structure has been agreed to steer the process at the operational level.

The meetings resulted in an agreement to create an advisory committee to provide advice relating to the Project Plan's archaeological management team and archaeological best practice. The body is named the Sussex Archaeological Executive (SAE) and in the spirit of collaboration, Odyssey and the Government will appoint an equal number of members. All members are subject to approval by both parties. It is intended that the SAE will streamline project oversight and interface between the Government and Odyssey during time-sensitive offshore operations. The Project Plan will be implemented in a modular manner with SAE review at agreed stages.

Further exploration, identification and archaeological excavation of the shipwreck site believed to be HMS Sussex will begin once the archaeological team has been appointed, financing is finalized, and the appropriate vessel, equipment, and personnel are mobilized. Odyssey plans to be on-site in the Mediterranean Sea during the summer of 2003.

Greg Stemm, co-Founder of Odyssey said, "After years of research, millions of dollars of exhaustive underwater search, and extensive due diligence by Her Majesty's Government, we are finally able to begin the excavation. This will be the deepest archaeological excavation of a 17th century shipwreck ever undertaken and we are excited to be working with the Government of the United Kingdom on this historic project."

HMS Sussex was a large 80-gun English warship lost in a severe storm in 1694. The story of her mission and effect upon the unfolding events of the late 17th and early 18th centuries presents a fascinating scenario to archaeologists, historians, and those with a general interest in European and international developments.

Built in the reign of William and Mary, HMS Sussex was escorting a large merchant fleet to the Mediterranean when she was lost. Research indicates that her Admiral also had orders to pay a large sum of money to the Duke of Savoy to continue the war against France. Evidence suggests that the payment, most likely consisting of tons of gold coins, was lost with the ship.

Odyssey Marine Exploration has several shipwreck projects in various stages of development throughout the world. More information about Odyssey Marine Exploration and the HMS Sussex is available at www.shipwreck.net.

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The Company 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. 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 February 28, 2003, which has been filed with the Securities and Exchange Commission.

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