HOUSTON, July 26, 2016, DPDW, /PRNewswire/ — Deep Down, Inc. (OTCQX: DPDW) (“Deep Down”), an oilfield services company specializing in deepwater and ultra-deepwater oil production distribution system support services, announced today it has received orders for flying leads and umbilical accessories, valued at over $3 million, directly from two major operators.
The equipment is scheduled to be delivered and deployed in the Gulf of Mexico in the first half of 2017.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, “These awards represent a major milestone for the company. We have previously provided similar equipment for the same operators through original equipment manufacturers, but this is an example of the opportunities available due to the low oil prices, where the operators are realizing significant savings by coming directly to us.”
About Deep Down, Inc.
Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down’s proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads (LSFL), installation buoyancy, ROVs and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. The company’s primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. More information about Deep Down is available at www.deepdowninc.com.
Any 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 and 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.