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17.04.2012

Deep Down Awarded $8 Million In Contracts

Deep Down, Inc. (OTC QB: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services today announced it has been awarded multiple contracts worth nearly 8 million dollars from a major international oil and gas operator.

Deep Down will design, fabricate, assemble, install and test control systems to operate flowline isolation valves on three platforms in the Gulf of Mexico.  The control systems are designed with a service life of 25 years and to survive a 1,000 year storm.  The system will connect the safety system on the platform to the control valves without the need for ROVs, allowing the valves to be closed in an emergency, stopping the flow of hydrocarbons.  Engineering has already commenced at Deep Down's Channelview office with delivery by end of 2012.

Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, "We are delighted to have been chosen to work on these important improvements to our customer's assets in the Gulf of Mexico.  In the event of equipment failure, this system has been designed for vulnerable pieces of equipment to be easily retrieved and fixed in a minimum amount of time.  The control system also has redundancy built in, thus allowing for the system to operate in the event of equipment failure."

Copyright 2012, Deep Down. All rights reserved.

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