Management to Hold Conference Call on Wednesday, February 20, 2008

Oceanaut, Inc. today announced that it has mutually agreed with companies associated with members of the Restis family to terminate the definitive agreements pursuant to which it would have purchased nine dry bulk carriers for an aggregate purchase price of $700 million and issued shares of its common stock in exchange for an aggregate investment of $82.5 million by companies associated with members of the Restis family.

Management will hold a conference call tomorrow Wednesday, February 20, 2008 at 9:00 a.m. EST to discuss the termination agreement.

The Chairman of Oceanaut, Mr. Gabriel Panayotides, commented, "I am highly confident that Oceanaut will develop and secure another deal. Our Management, Board of Directors and I as the Chairman remain very committed to deliver shareholder value and we will resume seeking suitable acquisition opportunities."