Odyssey to Begin Search for British Shipwreck

Business Wire, June 4, 1998

TAMPA, Fla.--(BUSINESS WIRE)--June 4, 1998--Odyssey Marine Exploration, Inc. (OTC Bulletin Board:OMEX) has completed financing for the search and inspection phase of their "Cambridge" operation.

"Cambridge" is the code name for a British war ship that sank in deep water in the Mediterranean Sea over 300 years ago.

The Research Vessel Seahawk, under charter to Odyssey, is currently mobilizing for its voyage to the 100 square mile search area, where depths range from 200 to 800 meters. The search phase is scheduled to begin July 1, 1998, and will combine the latest high-tech equipment with painstaking research. A side-scan sonar and towed magnetometer will be used to search the ocean floor. If a potential shipwreck is located, an ROV (Remote Operated Vehicle) will be used to complete a pre-disturbance survey of the shipwreck site.

If the shipwreck is found, the operation will feature an industry "first"; transmission of actual video footage of robotic exploration of the shipwreck site to the company's web site at www.shipwreck.net, which is accessible to the public at no charge. Operational updates and photos of the operation will also be available on their Internet site.

Based on research conducted by Odyssey, the company's management believes that the ship was carrying a large cargo of coins with a potential numismatic value of between $200 and $500 million or more, depending on the denominations and the condition of the coins.

The "Cambridge" search and inspection operation is a joint expedition between Odyssey Marine Exploration and the British Royal Naval Museum. This project presents a unique opportunity to share the Naval Heritage of the United Kingdom with the public in an exciting and technologically advanced manner. The United Kingdom Ministry of Defence, Odyssey Marine Exploration and the Royal Naval Museum intend to cooperate to maximize the educational, scientific, and archaeological benefits that may be realized by finding this historically significant shipwreck.

Odyssey has contracted with Seahawk Deep Ocean Technology (OTC Bulletin Board:SDOT) for the charter of the R/V Seahawk for the "Cambridge" search and inspection phase.

Odyssey Marine Exploration Inc. (www.shipwreck.net) specializes in researching, permitting, financing, and marketing deep-water shipwreck projects on a worldwide basis. Led by deep-water archaeological shipwreck recovery pioneers John Morris and Greg Stemm, the company combines cutting edge technology with extensive research and sound archaeological practices. Odyssey currently has several shipwreck projects in various stages of development throughout the world. -0-

The Company believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and is subject to the safe harbor created by that section. 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, 1998, which has been filed with the Securities and Exchange Commission.

CONTACT: Odyssey Marine Exploration, Inc.

Laura Barton, 813/282-0855 ext 57

e-mail: llb@shipwreck.net