Deep Down Awarded $8 Million in Contracts
HOUSTON, April 16, 2012 /PRNewswire/ -- Deep Down, Inc. (OTC QB: 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 worth nearly 8 million dollars from a major international oil and gas operator.
Deep Down will design, fabricate, assemble, install and test control systems to operate flowline isolation valves on three platforms in the Gulf of Mexico. The control systems are designed with a service life of 25 years and to survive a 1,000 year storm. The system will connect the safety system on the platform to the control valves without the need for ROVs, allowing the valves to be closed in an emergency, stopping the flow of hydrocarbons. Engineering has already commenced at Deep Down's Channelview office with delivery by end of 2012.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, "We are delighted to have been chosen to work on these important improvements to our customer's assets in the Gulf of Mexico. In the event of equipment failure, this system has been designed for vulnerable pieces of equipment to be easily retrieved and fixed in a minimum amount of time. The control system also has redundancy built in, thus allowing for the system to operate in the event of equipment failure."
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, buoyant solutions, 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.
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 in 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.
SOURCE Deep Down, Inc.