OCEANAUT, INC. TO SEEK SHAREHOLDER APPROVAL TO LIQUIDATE AND DISSOLVE

Athens, Greece – February 18, 2009 – Oceanaut, Inc., (AMEX: OKN; OKN.U; OKN.WS; the “Company” or “Oceanaut”) announced today that its board of directors has determined that the Company will not consummate a business combination by the March 6, 2009 deadline provided for in its charter, and that it is advisable that the Company be dissolved. As a result, Oceanaut intends to convene a special meeting of its shareholders on March 16, 2009 to vote on a plan of liquidation and dissolution of the Company. The record date for the special meeting is February 27, 2009.

The Company intends to begin promptly the process of dissolution and liquidating its trust account in accordance with its charter and applicable Marshall Islands law. Assuming shareholder approval of the Company’s plan of liquidation, the Company expects to liquidate its trust account and make an estimated payment of approximately $ 8.27 per share of common stock. No payments will be made in respect of the Company’s outstanding warrants or to any of the Company’s initial shareholders with respect to any shares owned by them prior to the Company’s initial public offering in March 2007, except with respect to 625,000 shares of common stock included in the 1,125,000 insider units purchased by Excel Maritime Carriers Ltd., the Company’s corporate sponsor, in a private placement that closed immediately prior to the consummation of the Company’s initial public offering.

The Company intends to prepare and file with the Securities and Exchange Commission for mailing to its shareholders, as soon as practicable, a definitive proxy statement seeking approval to effect the orderly liquidation and dissolution of the Company.

About Oceanaut, Inc.
Oceanaut, Inc. (AMEX: OKN; OKN.U; OKN.WS) is a blank check company formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination, vessels or one or more operating businesses in the shipping industry.

Oceanaut Inc.