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Flotation Technologies to Exhibit at Rio Oil & Gas Expo 2008

September 8, 2008

Flotation Technologies, Inc., a Deep Down Inc. company and a world leader in the engineering, design and manufacturing of deepwater buoyancy and polyurethane elastomer systems, today announced it will showcase its deepwater expertise and products at the Rio Oil & Gas Expo 2008, Sept. 15 – 18, in Rio de Janeiro, Brazil. The company, with proven innovative solutions, brings engineering ingenuity and capacity as Brazil experiences continued challenges in exploration and production.

“For nearly 30 years, Flotation Technologies has been one of the industry’s foremost leaders in the engineering and design of innovative subsea products,” stated David Capotosto, president, Flotation Technologies. “With this breadth of experience, Flotation Technologies is committed to providing both Petrobras and the greater Brazilian offshore oil market with the appropriate solutions to the unique deepwater challenges it is currently facing.”

“Brazil’s offshore oil market has seen monumental growth over the last several years,” explained Fred Maguire, sales and marketing manager. “We are excited to showcase our experience and capabilities, and are primed to offer the market deepwater custom engineered solutions covering exploration through production as well as industry tested and trusted products to meet the specific needs of the Brazilian offshore oil industry.”

For more information, please visit Flotation Technologies at Booth 3-0.

About Rio Oil & Gas Expo

A leading oil and gas industry event in Latin America, Rio Oil & Gas Expo and Conference, takes place at Riocentro Convention Center in Rio de Janeiro every two years. Since its first edition in 1982, both the Exhibition and the Conference have contributed to build Rio de Janeiro’s reputation of being the “Brazilian oil capital.” The Expo is an outstanding opportunity for national and foreign companies to display their products and services. Similarly, the Conference stands as a prominent place for networking, discussing major technological issues and promoting innovative ideas. For more information, please visit ibp.org.br/main.

About Flotation Technologies, Inc.

Flotation Technologies, Inc., based in Biddeford, Maine, and a wholly-owned subsidiary of Deep Down Inc., (OTCBB:DPDW), is a world leader in the engineering, design and manufacturing of deepwater buoyancy systems using high-strength Flotec(TM) syntactic foams and polyurethane elastomers. Focused on the offshore oil, oceanographic, seismic and government markets, Flotation Technologies delivers world-class buoyancy products for a host of marine applications such as: distributed buoyancy for flexible pipes and umbilicals, drilling riser buoyancy modules, ROV buoyancy, QuickLoc(TM) cable floats, Hardball(TM) umbilical floats, FLOTECT(TM) cable and pipeline protection, Inflex(TM) polymer bend restrictors and installation buoyancy of any size and depth rating. For more information, visit flotec.com.

About Deep Down, Inc.

Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project.

The Company’s ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.

The Company’s Mako subsidiary serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys. For more information, visit deepdowninc.com, electrowaveusa.com and makotechnologies.com.

Forward Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenues, acquisitions, projected costs, prospects, plans and objectives of management are forward-looking statements. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. All of the information provided in this release is as of September 8, 2008 and Flotation Technologies, Inc. undertakes no duty to update the information provided herein.




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