GlobeNewswire Inc | Aug 17, 2021 09:06AM EDT

August 17, 2021

HOUSTON, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW) ("Deep Down"), a specialist in offshore energy production control equipment and services, today announced the successful completion of a previously announced project for the rental of its 3,500 metric ton carousel and associated umbilical spooling services.

The project included the mounting and sea-fastening of Deep Downs carousel onto a customer-provided barge, trans-spooling of three umbilicals totaling 93,600 meters in length from an umbilical manufacturers facility onto the barge-mounted carousel, transportation of the fully loaded carousel to a secondary spool base, and the subsequent trans-spooling of the umbilicals from the barge-mounted carousel to an installation vessels carousels. Deep Down also engineered and manufactured structures for securing each of the umbilical terminations during the spooling and transit operations.

Completing a job of this magnitude with no personnel injuries, no damage to the customers products, and no impact to the environment is a testament to our teams umbilical and cable management expertise, said Charles Njuguna, President and CEO of Deep Down, Inc. Even when the client requested an expedited vessel sail date, our team exhibited the knowledge and creativity to increase the spooling efficiency of our equipment while in the field in order to accommodate this request.

Such success would not have been possible without strong collaboration between all parties involved, especially with our customer who is serving as the installation contractor for the project. We look forward to continuing our long and fruitful relationships with the companies we worked with during this project and to providing support for their future umbilical and cable management needs, Mr. Njuguna added.

About Deep Down, Inc. (www.deepdowninc.com)Deep Down focuses on complex deepwater and ultra-deepwater energy production system technologies and support services, connecting the platform and the wellhead. Deep Down's proven services and technological solutions include subsea distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads and installation buoyancy. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions.

Forward-Looking StatementsAny forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.

Investor Relations:Trevor AshurstVP of Financetashurst@deepdowninc.com

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