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

ODYSSEY FILES ARRESTS ON TWO SHIPWRECK SITES

TAMPA, FL - (July 15, 2003)- Odyssey Marine Exploration, Inc. (OTC Bulletin Board: OMEX), a leader in the field of deep ocean shipwreck exploration has filed arrests on two shipwreck sites (BA01 and BA02) in the "Bavaria" Project search area. The federal arrests are the first step in establishing Odyssey's exclusive access to these sites under protection of the Federal Admiralty Courts.

Site BA01 is an unidentified shipwreck believed to be a 19th Century steamship. The site exhibits many characteristics that would be expected of the shipwreck code-named "Bavaria". However, further exploration will be necessary to confirm the age and identity of the site. The "Bavaria" was a 19th century steamer that research indicates sank with a large cargo of coins. Additional information about the "Bavaria" project and this shipwreck site is available at www.shipwreck.net/bavaria.html .

Site BA02 is an unidentified shipwreck that contains a large quantity of Chinese and English pottery including well-preserved blue and white Chinese export porcelain dating from between the late 1700's to the early 1800's. This shipwreck is not the "Bavaria", although the site is believed to have potential archaeological and economic value. Photos and video clips from the inspections of this site are available at www.shipwreck.net .

The Odyssey team located the sites during 2003 "Bavaria" search operations, which were conducted from the company's research vessel, the RV Odyssey. During this operation approximately 1,000 square miles of seabed were surveyed using an advanced Edgetech Chirp side scan sonar and integrated Marine Magnetics Overhauser magnetometer technology. To date, a total of 23 targets have been inspected during the Bavaria search using a Phantom "Ultimate" Remotely Operated Vehicle (ROV).

Odyssey is currently planning to mobilize a larger ship and large work-class ROV system to begin archaeological surveys and possibly excavation of both sites. Subject to financing and availability of the equipment, operations on these sites are planned to begin in the summer or early fall of 2003.

Odyssey Marine Exploration has several shipwreck projects in various stages of development throughout the world, including the Sussex project, for which operations are planned later this summer. More information about Odyssey Marine Exploration and the "Bavaria" project 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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