Deep Down Names New Independent Board Member
HOUSTON, May 29, 2013 /PRNewswire/ -- Deep Down, Inc. (the "Company") (OTCQX: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services today announced that Randolph W. Warner has joined its Board of Directors, effective May 28, 2013.
Mr. Warner has joined the Board as an independent director and was appointed Chairman of the Audit Committee of the Board of Directors. Mr. Warner is currently President and Chief Operating Officer of WHC, Inc., which is a pipeline and facilities construction company based in Lafayette, Louisiana with operations along the Gulf of Mexico and numerous other states. Mr. Warner has held this position with WHC, Inc. since January of 2005.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, "We are pleased to make this announcement about Randy joining our Board. This is another major step in strengthening our corporate governance. Randy is a seasoned executive and will provide guidance as we continue to expand and grow our Company."
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, 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. Deep Down'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.