Two novel briaranoidal derivatives, designated as briaexcavatins A (1) and B (2), along with two known metabolites, excavatolides B and C (3 and 4), were isolated from the octocoral Briareum excavatum. Both compounds 1 and 2 possess unprecedented 5,6-epoxy moiety in the 10-membered ring. Diterpenoid 1 possesses a novel pentacyclic skeleton with a ε-lactone. The structures of diterpenoids 1 and 2 were elucidated by interpretation of spectral data and the absolute stereochemistry was established by application of modified Mosher’s method on 3.