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|   | Directors 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                                                                       |
| 3.0                                      | APPENDIX C: DESIGNATED EMPLOYER      REPRESENTATIVE                     | 5 |
| 4.0                                      | APPENDIX D: ACKNOWLEDGEMENT AND      CERTIFICATION OF RECEIPT OF POLICY | 6 |

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|   | Directors Code of Business      Conduct |
|--------|-----------------------------------------|

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

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

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

|  | ● | Conflicts of      Interest. Directors      should conduct themselves in an honest and ethical manner and avoid any      actual or apparent conflict of interest.  A conflict of interest      occurs when a Director’s private interest interferes, in any way, with the      interests of the Company, and/or makes it difficult to perform his      or her duty objectively andeffectively. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | Corporate Opportunities.      Directors should not (a) take for themselves personally opportunities that      are discovered through the use of Company property, information or      position; (b) use Company property, information, or position for personal      gain; or (c) compete with the Company. Directors owe a duty to the Company      to advance its legitimate interests when the opportunity to do so      arises. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | Confidentiality.      Directors should maintain the confidentiality of information      entrusted to them by the Company or its customers, except when disclosure      is authorized or legally mandated.  Confidential information      includes all non-public information that might be of use to competitors,      or harmful to the Company or its customers, if  disclosed. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | Fair Dealing. Directors      should endeavor to deal fairly with the Company’s various constituents. No      Director should take unfair advantage of anyone through manipulation,      concealment, abuse of privileged information, misrepresentation of      material facts, or any other unfair dealing  practice. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Directors Code of Business      Conduct |
|--------|-----------------------------------------|

|  | ● | Protection and Proper use of      Company Assets. Directors should protect the Company’s assets and      ensure their efficient use. All Company assets should be used for      legitimate business purposes. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | Compliance with Laws, Rules and      Regulations (including Insider Trading Laws). Directors should      proactively promote compliance with laws, rules and regulations, including      insider trading laws. Insider trading is both unethical and      illegal. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | Encouraging the Reporting of      any Illegal or Unethical Behavior. Directors should proactively      promote ethical behavior. Directors should ensure that the Company      encourages employees to talk to supervisors, managers or other appropriate      personnel when in doubt about the best course of action in a particular      situation. Directors should ensure that the Company has an effective means      for employees to report violations of laws, rules, regulations or the      Company’s Code of Ethics for Management Personnel, including Senior      Financial Officers or its Standards of Conduct. Directors should ensure      that the Company does not allow retaliation for reports made in good faith      and that this is policy communicated to the  employee. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | Annual Certification.      Directors will annually sign a confirmation that they have read and      will comply with this Code. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------|

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|   | Directors Code of Business      Conduct |
|--------|-----------------------------------------|

| 3.0   | APPENDIX      C: DESIGNATED EMPLOYERREPRESENTATIVE |
|-----------------|----------------------------------------------------|

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|   | Directors Code of Business      Conduct |
|--------|-----------------------------------------|

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

|  | ● | I      have received a copy of the latest Deep Down Directors Code of Business      Conduct Policy (Document Number BODPOL-CBC-001) dated      4/14/2010. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | I      have read or shall read the current Deep Down Directors Code of Business      Conduct Policy BODPOL-CBC-001dated4/14/2010. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | ● | 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 Directors 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 itssubsidiaries. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | 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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