Odyssey Discovers Two More Shipwreck Sites

Odyssey Marine Exploration has discovered two more shipwrecks in the north Atlantic Ocean, the company announced this week. The Florida-based underwater salvage company filed admiralty claims for exclusive salvage rights in Tampa federal court Wednesday and released a public statement Friday.

According to Odyssey, the two shipwrecks are steel-hulled, and as yet unidentified. The company said the sites are believed to contain "valuable cargo," that is "beyond the territorial waters or contiguous zone of any sovereign nation" and over 300 miles from the entrance to the English Channel.

Court documents indicate one site is 400 meters below water while the other is 600 meters under, with both resting some 100 miles of the southwest coast of Ireland.

"The operation to locate and identify these shipwrecks was undertaken with a chartered ship and some new equipment and technology that we are testing for application on future projects while the Odyssey Explorer and Ocean Alert undergo their 5 year surveys and drydock," commented Greg Stemm, Odysseys’s CEO.

In May 2007, Odyssey announced the discovery of what could be the richest shipwreck in history. Over 500,000 silver and gold coins, weighing 17 tons, was hauled up from a Colonial era site code-named “Black Swan.” Since then, Spain has filed claims contending the treasure is a part of its cultural heritage and should be returned. Odyssey has said the treasure was found in international waters, and legally retrieved. The case of ownership is now before U.S. federal court.

About Odyssey Marine Exploration, Inc.

Odyssey Marine Exploration, Inc. (Nasdaq CM: OMEX) uses innovative methods and state-of-the-art technology to conduct extensive deep-ocean search and archaeological recovery operations around the world.

Odyssey discovered the Civil War era shipwreck of the SS Republic® in 2003 and recovered over 50,000 coins and 14,000 artifacts from the site nearly 1,700 feet deep.

Odyssey offers various ways to share in the excitement of deep-ocean exploration by making shipwreck treasures and artifacts available to collectors, the general public and students through its webstore, exhibits, books, television, merchandise, and educational programs. JWM Productions is currently filming Odyssey expeditions for an 11-part primetime series for Discovery Channel, which is scheduled to air worldwide in early 2009.

For details on the Company’s activities and its commitment to the preservation of maritime heritage, visit www.shipwreck.net.