News & Media
 
Press Release Archive
Media Room

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

ODYSSEY PURCHASES SHIPWRECK RECOVERY VESSEL

TAMPA, FL - August 8, 2003 - Odyssey Retriever, Inc, a wholly owned subsidiary of Odyssey Marine Exploration, Inc. (OTC Bulletin Board: OMEX), has purchased the Motor Vessel Northern Prince from J-Marr Ltd. of Hull, England. The 251-foot Class II dynamically positioned (DP) survey and support vessel will be renamed Odyssey Explorer.

The ship is built to Ice Class 3 standards for operations in extreme latitudes and is capable of carrying fuel and stores for missions of up to 60 days. She has comfortable accommodations for 42, extensive onboard storage space and her multiple cranes and large A-frame provide exceptional equipment handling capability. The vessel has just completed a dry-dock inspection and is fully certified to Lloyds +100A1 specifications.

"The acquisition of this ship moves the company one step further in the execution of its business plan," stated John Morris, Odyssey's Chief Executive Officer. "We are moving from a company that has been researching shipwreck projects and conducting search operations to a company poised to begin recovery operations on several projects."

Odyssey is planning to add advanced technology and equipment to the ship, which will enable the Odyssey Explorer to complete groundbreaking deep ocean archaeological excavation and survey work. The company expects to have the vessel ready for operations in September.

Odyssey Marine Exploration has several shipwreck projects in various stages of development throughout the world, including the Sussex and "Bavaria" projects. The company has signed an exclusive partnering agreement with the Government of the United Kingdom for the archaeological excavation of the British warship HMS Sussex. The Company has also arrested shipwrecks in the "Bavaria" search area and intends to conduct the archaeological exploration and recovery of these shipwrecks utilizing Odyssey Explorer.

Additional information about Odyssey, the "Bavaria" and HMS Sussex projects, and the Odyssey Explorer is available at www.shipwreck.net.

# # #

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.

Home | Contact Us | Sitemap | Privacy Policy | Careers