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|   | Financial Officer's Code      of Business      Conduct |
|--------|--------------------------------------------------------|

| STATEMENT      OF POLICY                                 | 3                                                                             |
|----------------------------------------------------------|-------------------------------------------------------------------------------|
| Purpose and      Goals                                   | 3                                                                             |
| 1.0                                                 | SCOPE                                                                         | 3 |
| 2.0                                                 | POLICY                                                                        | 3 |
| 2.1  Principles and      Practices.            | 3                                                                             |
| 2.2  Waiver.                                   |  3                                                                       |
| 2.3  Compliance and      Accountability.  |  4                                                                       |
| 3.0                                                 | APPENDIX      A: DESIGNATED EMPLOYER      REPRESENTATIVE                 | 5 |
| 4.0                                                 | APPENDIX      B: ACKNOWLEDGEMENT AND CERTIFICATION OF RECEIPT OF POLICY  | 6 |

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|   | Financial Officer's Code      of Business      Conduct |
|--------|--------------------------------------------------------|

| 1.0   | SCOPE |
|-----------------|-------|

| 2.0   | POLICY |
|-----------------|--------|

|  | 2.1  | Principles      and Practices. |
|--|-----------|--------------------------------|

|  | (1)  | conduct      him or herself in an honest and ethical manner and avoid any actual or      apparent conflict of interest as defined in the Company’s Standards of      Business Conduct; |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2)  | in      the case of the Senior Financial Officers, report to the Audit Committee      of the Board any conflict of interest that may arise, and any transaction      or relationship that reasonably could be expected to give rise to a      conflict, and in the case of all others, to senior    management; |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3)  | provide,      or cause to be provided, full, fair, accurate, timely, and understandable      disclosure in reports and documents that the Company files with, or      submits to, the Securities and Exchange Commission and in its other public      communications; |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4)  | comply,      and take all reasonable actions to cause others to comply, with applicable      governmental laws, rules, and regulations;and |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5)  | in      the case of the Senior Financial Officers, promptly report violations of      this Code to the Audit Committee, and in the case of all others, to senior      management. |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2.2  | Waiver. |
|--|-----------|---------|

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|   | Financial Officer's Code      of Business      Conduct |
|--------|--------------------------------------------------------|

|  | 2.3  | Compliance      and Accountability. |
|--|-----------|-------------------------------------|

----

|   | Financial Officer's Code      of Business      Conduct |
|--------|--------------------------------------------------------|

| 3.0   | APPENDIX      A: DESIGNATED EMPLOYERREPRESENTATIVE |
|-----------------|----------------------------------------------------|

----

|   | Financial Officer's Code      of Business      Conduct |
|--------|--------------------------------------------------------|

| 4.0   | APPENDIX      B: ACKNOWLEDGEMENT AND CERTIFICATION OF RECEIPT OF  POLICY |
|-----------------|--------------------------------------------------------------------------|

|  | ● | I      have received a copy of the latest Deep Down Financial Officer’s Code of      Business Conduct Policy (Document Number BODPOL-CBC-002) dated      4/14/2010. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | I      have read or shall read the current Deep Down Financial Officer’s Code of      Business Conduct Policy BODPOL-CBC-002dated  4/14/2010. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | I      understand that my employer, Deep Down, adheres to all of its policies,      and that I agree to abide by those policies, as well as any new or revised      policies made available to me, as is the right of Deep Down to do from      time to time. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | I      understand that this Deep Down Financial Officer’s Code of Business      Conduct Policy is not a contract, either expressed or implied, between my      employer, Deep Down, its affiliates, subsidiaries, and me, and unless      superseded by an executed contract, it does not alter the “at will” nature      of my employment with Deep Down or its  subsidiaries. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | I      understand that by my signing this Acknowledgement and Certification of      receipt of Policy and associated information, that I am not being      threatened or coerced in any way to sign this document, in fear of losing      my job if I am an existing employee of Deep  Down. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| _____________________________  | _____________________________      |
|-------------------------------------|-----------------------------------------|
| Signature of      Employee     | Social      Security Number of Employee |
|                                | (Last four      digits)                 |
|                                |                                    |
| _____________________________  | _____________________________      |
| Printed Name      of Employee       | Date                                    |

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