HOUSTON, April 29, 2013 /PRNewswire/ -- Deep Down, Inc. (OTCQX: DPDW) ("Deep Down"), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services today announced it has received a contract from a major international controls manufacturer for the manufacture of Loose Steel Tube Flying Leads (LSFL) worth in excess of $1.7 million. Additionally, there is an option to purchase additional distribution and installation equipment worth in excess of $2 million. The contract is for the first phase of a large gas project on the Northwest coast of Australia; delivery is scheduled for the fourth quarter of 2013.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, "This award reaffirms the significant engineering and capital investments we have made in our core steel flying leads product line. Customers have realized that our steel flying leads are superior to those offered by the competition with respect to quality, cost, reliability and ease of installation."
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 (LSFL), 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.