Actually, I take that back, I can only read the abstract right now but this older academic review article suggests longer-diving mammals generally exhale. It's an older article though so the answer might be more complicated now.
https://www.sciencedirect.com/science/article/abs/pii/0034568783900725
@theantlady I found this. I think they take a breath in to super oxygenate the blood and muscles then compress the lungs to prevent gas exchange.
And I was wrong about the time they can be submerged during an active deep dive. More like 20 minutes to an hour in full activity mode.
https://www.scientificamerican.com/article/how-do-deep-diving-sea-cr/