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Odyssey Signs Agreement With SS Republic Insurer

TAMPA, FL - January 13, 2004 - Odyssey Marine Exploration, Inc. (Amex: OMR) a leader in the field of deep ocean shipwreck exploration, has reached an agreement with Atlantic Mutual Insurance Company regarding the hull and property insured by Atlantic on board the SS Republic when it sank in 1865.

Atlantic Mutual insured and paid a claim on $45,000 in specie, $96,313 in general cargo and $150,000 for the hull and became the subrogated owner of hull and cargos on the SS Republic. This agreement transfers any and all ownership rights Atlantic has or will have in the SS Republic to Odyssey for a sum of one million six hundred thousand dollars ($1,600,000). In addition, Atlantic will also provide Odyssey with copies of all research and data in their possession about the SS Republic.

"This is the first agreement of its kind reached in such a timely and efficient manner and is another milestone in our business plan," stated John Morris, Odyssey's CEO. "It is a wonderful example of the benefits of working cooperatively with property owners rather than going the route of litigation."

The SS Republic was a side wheel steamer that sank in 1865 while en route from New York to New Orleans after battling a hurricane for two days. Historical records indicate the ship was carrying "$400,000 in specie" when she sank. Odyssey discovered the shipwreck 1,700 feet below the surface of the Atlantic Ocean approximately 100 miles off the Georgia coast. The archaeological excavation of the shipwreck began in November of 2003 and is continuing.

Among the coins already retrieved are numerous gold eagles, gold double eagles and silver half dollars, nearly all dating between the early 1850s and 1865. Unlike other recently salvaged shipwrecks, a wide variety of dates and mints have been noted in this find. Based on the pieces recovered thus far that have been professionally conserved by Numismatic Conservation Services (NCS) and graded and encapsulated by Numismatic Guaranty Corporation (NGC), this collection may already include several finest-known examples of United States gold and silver coins from the period. While excavation has already uncovered thousands of coins, there is insufficient information at this point to predict the total value of the shipwreck and its cargo.

Odyssey Marine Exploration is an American Stock Exchange Company (Ticker symbol: OMR) with several shipwreck projects in various stages of development throughout the world, including the SS Republic and HMS Sussex projects. Additional information about Odyssey, its projects and equipment is available at

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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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