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Deep Down Secures Two New Contracts for $4 Million

December 15, 2009

HOUSTON, Dec. 15 /PRNewswire-FirstCall/ –Deep Down, Inc. (OTC Bulletin Board: DPDW), today announced the signing of two contracts in excess of $4 million for work in West Africa. These contracts, for buoyancy products made by our subsidiary Flotation Technologies, Inc. and umbilical services at Deep Down’s Channelview, Texas facility, will be completed over the first half of 2010.

“We continue to support the deepwater projects in West Africa through the expansion of our product lines in these areas,” stated Ronald E. Smith, Deep Down’s President and Chief Executive Officer. “This recent string of orders, for multiple fields in West Africa, offers proof that the marketplace continues to recognize our expertise in some of the world’s most demanding environments.”

About Deep Down, Inc.

Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down’s proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, distributed and drill riser buoyancy, ROVs and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. The company’s primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. Deep Down provides these services through its subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the Company at (281) 517-5000, or ir@deepdowninc.com.

One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered “forward-looking statements,” generally preceded by words such as “plans,” “expects,” “believes,” “anticipates,” or “intends.” We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.

SOURCE Deep Down, Inc.


Source: newswire



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