Bussiness News

Deep Down, Inc. (OTC Bulletin Board: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, today announced that it has completed the design and has begun construction of a 3,200 metric ton Carousel System, which is scheduled for completion early in the third quarter of 2010.

Upon completion the Carousel System will be located in the Gulf Coast, to facilitate the handling of umbilicals from transportation vessels onto the Carousel, and with the ability to store up to three separate steel tube umbilicals for projects in the region.

Ronald E. Smith, Chief Executive Officer, stated, "We got involved in this project to help one of our umbilical manufacturing customers better support their customer; this solution will offer more flexibility to the operator and installation contractor. This carousel is being built as an asset of Deep Down, Inc., and we will be providing the support services as a part of the contract to support a world leader in the design and manufacturing of steel umbilicals. The carousel is designed to be used onshore, on a transportation barge or on an installation contractor's subsea construction vessel."