Deep Down Receives Two Subsea Equipment Orders Valued In Excess Of $2.4 Million
HOUSTON, Texas, Dec. 4, 2012 /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 that it has received orders in excess of $2.4 million from two international customers for the provision of subsea hardware for a shallow water gas field development in the South China Sea.
The first order is for the manufacture of six Moray® umbilical termination housing assemblies (UTH). Deep Down's unique Moray® UTH was chosen primarily because the design lends itself equally well to first and second end umbilical installations. Additionally, the Moray® UTH interfaces directly to the tree and distribution structures, thereby eliminating secondary foundations and auxiliary hydraulic and electrical flying leads. The second order is for the manufacture of seven loose steel-tube flying leads to complete the hydraulic distribution for the field. These flying leads utilize a smaller more compliant Moray® head, which allows the installation contractor to maintain tighter routing in congested areas. Delivery is scheduled to begin in the second quarter of 2013.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, "We are delighted our design was chosen for this important project. Our innovative Moray® heads provide our customers with real solutions to their distribution and installation needs."
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 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 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.