Deep Down Receives Two Large Carousel Orders
HOUSTON, July 7, 2011 /PRNewswire/ -- Deep Down, Inc. (OTCBB: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, today announced it has just completed the assembly and test running of its own 3,200 MT carousel located at Core Industries near Mobile, Alabama, and has recently been awarded two more large carousel contracts in excess of $8 million. Deep Down is presently under full construction of a 3,000 MT onshore carousel system with a delivery date at the end of the third quarter 2011 for one of the world's leading umbilical manufacturers.
The 2nd carousel awarded, a 3,500 MT offshore system will be DNV certified and will be completed in the first quarter of 2012 for an international installation contractor. As an extra bonus, Deep Down has just undergone and passed several audits by our clients and safety organizations supporting the safety, and quality of our company and the upcoming construction of the carousels. Both carousels will be manufactured in Channelview, Texas, then placed on a barge and assembled for our clients in Mobile, Alabama.
Ronald E. Smith, Chief Executive Officer stated, "We have always had innovative approaches to handling terminations, transporting and putting umbilicals into the water. This award winning carousel system, as described in the Deep Down news release on May 18, 2011, is exciting, and its compact nature allows our clients to place a large amount of product on an optimum foot print which opens the doors for both onshore and offshore applications. We believe these orders will have a significant impact on the Company's future growth. We have several more systems quoted where the delivery schedules are ideal."
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, distributed and drill riser 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 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.