Odyssey Marine Exploration Inc. reported un-audited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the third quarter of 2009, Odyssey reported revenue of $0.8 million, compared to $2.2 million in the third quarter 2008. Odyssey also reported a net loss of $4.4 million, compared to a net loss of $6.5 million in 2008. The net loss per share for the third quarter was $0.07, compared to a net loss of $0.13 per share in the third quarter of the prior year. Loss from operations was $4,331,418 against $ 6,550,354 for the same period a year ago. Loss before income taxes was $4,396,252 compared to $6,548,684 of previous year period. For the nine months ended September 30, 2009, net loss was $14,671,312 or $0.27 basic and diluted loss per share on revenue of $1,878,756 compared to net loss of $18,769,425 or $0.39 basic and diluted loss per share on revenue of $3,620,508 for the same period last year. Loss from operations was $14,517,936 against $18,935,142 for the same period a year ago. Loss before income taxes was $14,671,312 compared to $18,769,425 of previous year period.

Odyssey Marine Exploration Inc. has entered into a letter of intent with Robert Fraser & Partners LLP. Under the terms of the proposed arrangement, Odyssey will provide services related to the exploration and recovery of shipwrecks and other deep-ocean resources to syndicates formed by Robert Fraser & Partners to engage in deep-ocean exploration. Under the proposed structure, Odyssey will be compensated for search, survey and archaeological excavation as well as development of research files on specific shipwreck and other deep-ocean projects. Odyssey will also have a substantial interest in the back-end of the projects and will be paid for providing other services including conservation, documentation, marketing and sales of recovered cargoes and commodities.

Odyssey Marine Exploration Inc. completed the first phase of survey in the search area code named 'Symphony'. The work was conducted under a government permit in an exclusive claim area and in conjunction with a project partner. Results of the survey are being analyzed and compiled into a report which will be provided to the government before the next phase of work is commenced. Preliminary review of the data suggests that four shipwrecks have been located in the phase one search area, but at this point, none of the sites have been conclusively identified. The expedition was conducted by the Odyssey search team on a chartered vessel. To protect the security of the search area, specific location details are not being released at this time. Proceeds of any recoveries from this search area will be split with the government and project partner with an anticipated 78% of the gross income of the project retained by Odyssey.