07/13/07 - Deep Down Announces Loose-Tube Steel Flying Lead Contract

HOUSTON, TX – July 13, 2007 – Deep Down, Inc. (OTCBB: DPDW) today announced it has been awarded a contract to supply loose-tube steel flying leads and compliant Morays™ to a customer for their subsea field development project in the Green Canyon area of the Gulf of Mexico. This is a fast-track project, and all hardware must be delivered before the end of the year.

The scope of work includes refurbishment of existing steel flying leads and construction of new loose-tube steel flying leads. Deep Down will supply its proprietary, field-proven, loose-tube steel flying leads using seam-welded super-duplex tubing for the hydraulic and chemical injection conduits involved in subsea well control. Deep Down will also be furnishing its compliant infield umbilical termination assemblies (Morays™), specially designed for easier deployment and installation.

“We are pleased that our customer has chosen our proven deepwater well support products for its subsea field development project,” commented Ron Smith, Deep Down’s chief executive officer. “This is yet another prime example of Deep Down’s innovative technology being used as the preferred solution for critical subsea oilfield development and production.

“Deep down remains committed to innovation in the delivery of subsea oil & gas and marine products and services to meet the increasing demand of the offshore energy industry,” Smith concluded.

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 strategy is to consolidate service providers to the offshore industry, as well as designers and manufacturers of subsea, surface, and offshore rig equipment used by major, independent, and foreign national oil and gas companies in deep-water exploration and production of oil and gas throughout the world. Deep Down’s customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit www.deepdowninc.com and www.electrowaveusa.com.

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