Deep Down Announces Multiple Awards
HOUSTON, Jan. 31, 2012 /PRNewswire/ -- Deep Down, Inc. (OTCQB: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, today announced it has been awarded multiple contracts for subsea hardware and deployment equipment orders worth in excess of $2.6 million. Two orders were placed by a major controls OEM and the third order placed by an international installation contractor.
Deep Down, Inc. will be manufacturing Umbilical Termination Assemblies (UTA), Flying Leads, Umbilical Termination Heads (UTH), Rapid Deployment Cartridges, Moray® and Flying Lead Deployment Frames; the majority of the work is scheduled to be completed in the first quarter 2012, with the remainder completed in the beginning of the second quarter 2012. The products and equipment will be used on three international projects in the Far East and Mediterranean and one project in the Gulf of Mexico.
The patent-pending Moray® Termination System contains a light-weight and compact termination head and very flexible steel tube bundle allowing for easy make up of the heads by the ROV on the ocean floor.
Ron Smith, Chief Executive Officer stated, "These awards continue to build upon Deep Down's expansion into the international oil and gas market. Deep Down continues to gain recognition outside of the Gulf of Mexico as a solution provider. By working with our customers, we are able to provide them with innovative cost effective solutions for their offshore projects."
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, buoyancy products and services, 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.deepdowncorp.com.
Information set forth in this document contain "forward-looking statements" (as defined in Section 21E of the Securities Exchange Act of 1934, as amended), which reflect Deep Down's expectations regarding future events. The forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements.
The following additional factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain financing and approvals for the transaction; the risk that any synergies from the transaction may not be realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the ability to successfully integrate the businesses, unexpected costs or unexpected liabilities that may arise from the transaction, whether or not consummated; the inability to retain key personnel; continuation or deterioration of current market conditions; future regulatory or legislative actions that could adversely affect the companies; and the business plans of the customers of the respective parties. Additional factors that may affect future results are contained in Deep Down's filings with the Securities and Exchange Commission ("SEC"), which are available at the SEC's web site http://www.sec.gov. Deep Down disclaims any obligation to update and revise statements contained in these materials based on new information or otherwise.
SOURCE Deep Down, Inc.