Hydril Company News

Deep Down, Inc. (OTC Bulletin Board: DPDW), an oilfield services company specializing in products and services for the deepwater and ultra-deepwater oil and gas industry, announced entry into a conditional purchase agreement to acquire Cuming Corporation. Privately-held Cuming Corporation was founded in 1980 and is a manufacturer of buoyancy and insulation products with a range of deepwater oil & gas industry applications. Cuming's operations are complementary with those of Deep Down's Flotation Technologies subsidiary, which produces syntactic foam products for customers in the oil and gas, defense, scientific and industrial sectors.

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. 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. 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.

Hydril Company announced it has received another order for the purchase of a blowout preventer multiplex control system from a subsidiary of Diamond Offshore Drilling, Inc. Delivery of the system will be in 2003 for use within the Diamond Offshore fleet of rigs. Chris Seaver, president and CEO of Hydril Company said "This is the third deepwater blowout preventer multiplex control system Diamond Offshore has ordered from Hydril since the third quarter of last year. We are pleased to be selected to assist Diamond in their on-going program to upgrade their deepwater fleet of rigs."