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"Atlas" Search Begins

Tampa, FL - May 4, 2005 - Odyssey Marine Exploration (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, has begun search operations on its 2005 shipwreck search program, code-named the "Atlas" project.

The "Atlas" project is the result of an extensive target development program conducted over the past year and consists of five target shipwrecks. The Company's research indicates the ships are beyond any country's territorial waters and are not believed to be subject to sovereign immunity. Therefore, the shipwrecks can be archaeologically excavated immediately upon discovery.

The Company believes that only two of the five targets may have any potential insurance claimants, and it is anticipated they would be resolved in a manner consistent with the resolution of the Republic insurance claims.

Odyssey's 230-foot search vessel has been equipped with a newly designed, state-of-the-art search system that employs the latest technologies.

The new side-scan sonar, which is one component of the search system, performed above expectations during sea trials held off the coast of Florida during the month of April. The total system allows the Company to explore twice the area on a daily basis than was previously possible while producing deep-ocean images at much higher resolutions. Odyssey crews can therefore work faster and more efficiently than previous shipwreck search efforts.

Odyssey Co-founder Greg Stemm noted, "Our research indicates the shipwreck targets in our 2005 'Atlas' search program have tremendous potential. With our deployment of the latest search and recovery technologies, we anticipate a highly successful 2005 search program."

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 "Atlas" and Sussex projects. Odyssey has an exclusive partnering agreement with the Government of the United Kingdom for the archaeological excavation of the shipwreck believed to be HMS Sussex. Odyssey's other search and recovery vessels, the Odyssey Explorer and the RV Odyssey are currently in the western Mediterranean. Additional information about Odyssey, its projects and equipment 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, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. 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 December 31, 2004, which has been filed with the Securities and Exchange Commission.

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