HOUSTON, March 21, 2013 /PRNewswire/ – Deep Down, Inc. (OTC QB: DPDW) ("Deep Down"), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services today announced it has completed its first steel tube umbilical for a major oil and gas operator in the Gulf of Mexico. The umbilical, which is based on Deep Down's patented non-helical design, was tested and manufactured at Deep Down's Channelview, Texas facility during the first quarter of 2013, and is scheduled for deployment offshore by Deep Down's installation team during the second quarter of 2013.
"The successful testing and manufacturing of our first non-helical umbilical (NHU®) is a major step for Deep Down in the steel tube umbilical market. We are able to offer our customers a steel infield umbilical in any standard configuration of electrical, optical, or hydraulic up to 10 miles long, fabricated anywhere in the world more economically and in less time than traditional manufacturing techniques." Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, "The demand for steel tube umbilicals in 2013 remains strong and is projected to surpass 2012's annual sales of $350 million. The ability for us to combine this product with our existing products and services provides our customers with additional options when planning their subsea infrastructure."
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, 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.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 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.
SOURCE Deep Down, Inc.