Deep Down to permanently locate 3,200MT Carousel System at CORE deepwater port

Source: Deep Down, Inc. 

Deep Down, Inc. (OTCBB: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, today announced it has teamed up with Core Industries to permanently locate a 3,200 MT Carousel System at CORE's deepwater port facility near Mobile, Alabama. The Carousel is currently under construction and will be ready in the fourth quarter 2010. 

CORE's deepwater port in Alabama is an ideal location for Deep Down to provide its customers with umbilical storage capability on its Carousel, which in turn provides substantial savings to the customer when mobilizing for an offshore job. The customer will be able to spool the umbilicals onto the installation vessel and simultaneously load out the vessel with the remaining requirements. Deep Down will also be able to perform full scale Systems Integration Testing (SIT) and have installation equipment on site that supports the Carousel available to rent to installation contractors for immediate mobilization. 

Ronald E. Smith, Chief Executive Officer stated, "Teamed with Core Industries' marine handling capabilities at their deepwater facility and Deep Down's innovative deepwater services and equipment make up a combination of 'Can-Do' contractors which could very well become the premier staging area for the ultra-deepwater Gulf of Mexico and a launching pad to areas even further South. I am proud to place our Carousel and supporting equipment at Core Industries and offer the kind of services to our customers they deserve. The simple fact that we can perform SIT and other valuable testing of systems offline so that we can find the problems before they become the customers deepwater problems will be an incredible project safeguard that will bring added value to our customers."

Morgan B. Myles, President, Core Industries, Inc., stated, "We are pleased to add Deep Down, Inc. to the list of innovative deepwater oil and gas installation contractors who call Core Industries facility, Theodore Industrial Port, their Base of Operations. We are excited to work with Deep Down and its talented team for the installation of their new storage carousel and look forward to providing our facility and services for Systems Integration Testing and other Deep Down projects. We have no doubt that much success will come for both companies from hosting this Carousel and that the result will be the highest quality project."

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