Many marine microorganisms can secrete exopolysaccharides (EPSs) which have important applications in biotechnology. We have purified a novel EPS from deep-sea bacterium Zunongwangia profunda SM-A87, identified its glycosyl composition and linkage, and optimized its production to 8.9 g/l in previous studies. To reduce the fermentation cost, an economical fermentation medium containing 60.9 % whey, 10 g/l soybean meal, and 2.9 % NaCl was developed. The EPS yield of batch fermentation in this medium reached 12.1 +/- 0.3 g/l. Fed-batch fermentation was conducted and led to an EPS yield of 17.2 +/- 0.4 g/l, which represents the highest EPS yield ever reported for a marine bacterium. The EPS was extracted and it displayed good rheological properties, moisture-retention ability, and antioxidant activity. Particularly, its moisture-retention ability is superior to that of other marine bacterial EPSs reported to date. SM-A87 EPS also showed high antioxidant activity. These results suggest that SM-A87 EPS has promising potentials in biotechnology.