Approximately 34 mins 28secs into the episode while Sawyer and Michael are on the broken piece of raft, as the shark passes by underwater from left to right, if you look at its tailfin the Dharma sign is clearly displayed.
It is an egg, as it is hard to spot, as are the numbers on hurley's dash. Gawd some people are so desperate to rubbish other peoples suggestions! Good spot, I read somewhere that the directors didnt actually want the logo put there, it was put there by the fx crew. They got in a huff apparently!
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Verified. I just rented Season 2, disc 1 & watched this particular episode (Adrift). I think that maybe the producers of the DVD are reading the comments & items that are listed in this website. The Dharma sign is VERY clear. I think that it looks like they cleaned it up a little. I believe that the running time was more towards the 42 minute mark, but it definitelly is there.
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On the Season 2 DVDs, they reveal that the Dharma shark was a mistake, and was just supposed to be an inside joke; this is an egg, it doesn't lead anywhere, and it is not relevent to the show.
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