Deep Down Announces Multiple Awards
Deep Down, Inc. (OTCQB: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, today announced it has been awarded multiple contracts for subsea hardware and deployment equipment orders worth in excess of $2.6 million. Two orders were placed by a major controls OEM and the third order placed by an international installation contractor.
Deep Down, Inc. will be manufacturing Umbilical Termination Assemblies (UTA), Flying Leads, Umbilical Termination Heads (UTH), Rapid Deployment Cartridges, Moray® and Flying Lead Deployment Frames; the majority of the work is scheduled to be completed in the first quarter 2012, with the remainder completed in the beginning of the second quarter 2012. The products and equipment will be used on three international projects in the Far East and Mediterranean and one project in the Gulf of Mexico.
The patent-pending Moray® Termination System contains a light-weight and compact termination head and very flexible steel tube bundle allowing for easy make up of the heads by the ROV on the ocean floor.
Ron Smith, Chief Executive Officer stated, "These awards continue to build upon Deep Down's expansion into the international oil and gas market. Deep Down continues to gain recognition outside of the Gulf of Mexico as a solution provider. By working with our customers, we are able to provide them with innovative cost effective solutions for their offshore projects."
About Deep Down, Inc.
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company's ability to control. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements. More information about the risks and uncertainties relating to the company’s forward-looking statements is found in the company’s SEC filings.
