DeepFlex Appoints New President and CEO

The DeepFlex Board of Directors has announced the appointment of Michael C. Kearney as its President & Chief Executive Officer and his election to the Board of Directors, replacing W. George Coyle.

Mr. Kearney joined DeepFlex in 2008 as Executive Vice President & Chief Financial Officer and has played an integral role in the Company's growth and success. Prior to DeepFlex, he served as CFO of Tesco Corporation and CFO of Hydril Company. At Hydril, Mr. Kearney played an instrumental role in the growth and increased profitability of the company which led to a successful IPO. Mr. Kearney graduated with honors from Texas A&M University receiving a Bachelor of Business Administration in Finance and then obtained a Master's degree in Accountancy from the University of Houston. Additionally, Mr. Kearney is a Supervisory Director of Core Laboratories and chairs its Audit Committee.

D. John Ogren, Chairman of the Board said, "The requirements for deep and ultra deepwater oil and gas production projects will accelerate the demand for the Company's products, and Mike's blend of financial and operational skills is ideal as we move forward." Mr. Ogren added, "George Coyle was the catalyst in bringing the assets and intellectual property together to form DeepFlex in 2004, and the Company would not exist if it were not for his hard work and dedication. He assembled a very talented management team, and the Board has every confidence the momentum already established will continue to build."

The Board also announced J. Kent Castleman will immediately assume the responsibilities of Chief Financial Officer of DeepFlex.