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You turned me on to KRKNF when we went "deep down" a money trap with horrible results. You swore KRKNF would pop and were absolutely right. I got in at .30 and thank you sir!
This could be a very good move and help turn the decisions around to the betterment of the shareholders.
April 16, 2019 (GLOBE NEWSWIRE) -- Deep Down, Inc. (DPDW), a specialist in deep water oil and gas production and distribution equipment and services, announced today that experienced small cap investors David J. Douglas, Principal of Jamaka Capital Management, LLC, and Neal I. Goldman of Goldman Capital Management, Inc., have been appointed to the Company's Board of Directors. The appointments fill two recent vacancies on the Board, expanding from two to three the number of independent Directors on Deep Down’s four person Board.
To shore up my losses I purchased the stock every time it significantly dropped and finally turned a profit when I sold at 1.22. I too am disappointed in their long term growth strategy and am glad I'm out for now. I'll keep an eye out and if they show a focus on returning to their core fundamentals I'll jump back in. Right now, I'm glad the drama is finally over for me. I've watched your posts for many years and wish you the best!
Is there another reason why there has been almost zero trading of DPDW besides lack of demand due to poor management and market forces? Am I missing something else? It seems like there is a virtual freeze on trading.
Taby, many of us agree with you and think DPDW is making progress towards great growth. Some of the long-term posters here have had such bad experiences is the past that they have little faith despite any promising signs. Only time will tell. I maintain ample faith.
Spec, How can I know in advance when a company is going to release their quarterly reports. My stock brokers website never shows upcoming dates (or I'm too tech challenged to figure it out). Either way I'm not too thrilled with the current state of affairs with DPDW. The lawsuits you posted are news to me. How does one research and find that information? I know you are waaaay so over them; I am holding out hoping that if they focus on fundamentals we could turn this around. I'm starting to believe it wont happen without investors having a voice on the board.
Matter of fact, for those who want to talk to Ron in person it looks like if you attend this event not only will you get to go golfing and blow off some steam but you might even be paired with Ron! And you'll support veterans to boot! Now we are talking.
I am thrilled they are publicly and privately supporting wounded veterans. I served 20 years and believe me, American businesses are a blessing to the troops. I believe it is reflective of the values DPDW stands for and reveals Ron has way much more character than is often mentioned here.
I think those who sell right now will be seriously bummed w/i one year. I'm buying as my wallet allows, but that's just me and how I have made money on this up and down DPDW road.
I have made money on DPDW by riding the waves of investor confidence (since 2008/09). While trying to position myself as a long term investor, I buy low and sell high and re-buy low and repeat the cycle over and over. I believe someday they will become very profitable and understand there will be a few ups and many downs along the way. The market needs will only increase in the long term. If DPDW makes good products and repeat and happy customers we could reap rewards for our patience. I do not like many decisions management made over the last years and also think their pay should be partially based on profitability, especially since they are publicly and privately traded. The point most of us seem to be making is, if DPDW does not get back to and stick with the basics the downward slide will continue and each of us will eventually lose all confidence. (Yes, many already have).
While I agree with your thoughts, I disagree with the conclusion. I do not believe the window of opportunity has closed. 2015-2016 will be make it or break it years. If DPDW sticks to building, installing, servicing and doing what they are good at, we could see a very successful run. Lord willing!
For ever seller there is a buyer. I'm holing my breath and hoping for a good report. If not, I'll stick out 2015 and see what transpires.
What intrigued me was the author obviously has done some homework and believes the need for flying leads will remain relatively constant even in the midst of plunging oil prices.
Does anyone know of other industries or applications for DPDW technology. Instead of chaining, making new products totally outside of their industry, I'd like to see DPDW stick with what works, and improve their products in quality and applications.
Does anyone have a picture of the umbilical that was returned last year?
I only get three replies on this website a day so forgive me if it takes forever to get back plus I apologize to those who wrote me private messages, I don't have the account type allowing for a reply.
I have enjoyed reading your insights since 2009 and appreciate all the help.
Here is a 1 week old article about the Flying Leads being developed. I hope you enjoy it.
http://upstreampumping.com/article/offshore/2015/high-pressure-hoses-access-hard-reach-environments
Some harsh projections in here. Although they anticipate continued and increased production in the States. I'd love to see the new house/congress work towards a goal of oil independence in the next 10 years.
http://business.financialpost.com/2015/01/12/how-falling-oil-prices-are-ending-hopes-for-north-american-energy-independence/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+FP_TopStories+%28Financial+Post+-+Top+Stories%29&__lsa=2231-9025
Deep Down posted two new job openings.
http://www.deepdowninc.com/careers
Senior Estimator
Deep Down, Inc. is looking for a Senior Estimator to manage a multidisciplinary function. A successful candidate will be familiar with the SURF (Subsea, Umbilical, Riser and Flow Lines) industry and understand what it takes to develop estimates for fabrication and subsea installation projects. The Senior Estimator should be able to evaluate RFQ documents and identify deliverables necessary for estimate generation.
Position Summary
Provide cost estimates for SURF (Subsea, Umbilical, Riser and Flow Lines) projects. This position will be based at our Main Operations location.
Job Responsibilities
• Responsible for all aspects of estimating for fabrication and subsea installation projects
• Able to identify engineering and other deliverables necessary for estimate generation
• Able to accurately estimate cost of materials, labor, equipment, and subcontractors
• Liaise with sales, engineering, purchasing, and fabrication functions to ensure all areas have been accounted for prior to developing estimates
• Adjust estimates when necessary, to incorporate project scope changes from agreed contractual estimate
• Maintain a high degree of integrity and confidentiality pertaining to the company's operations or bids to outside parties
• Contribute to a healthy and safe work environment through knowledge and awareness of and adherence to the company's HSE policy
Qualifications and Experience
• In-depth knowledge of the SURF industry
• Experienced in estimating and proposal preparation in the subsea fabrication industry
• Experience working on projects from the concept stage to completion
• 5+ years in Cost Estimating with 2+ years of Offshore Estimating
• College degree preferred, but not required
Welding Engineer
Requirements as listed below:
• Degreed Metallurgist required
• Intimately familiar with ASME Pressure Vessel and Boiler Code Sections II, V, IX, VIII
• Intimately familiar with ASME B31.3
• Intimately familiar with AWS D1.1
• Intimately familiar with AWS D1.6
• Intimately familiar with methods of NDE and associated industry and international codes
• Certification to SNT TC-1a Level III highly desirable
• Certified AWS weld inspector desirable
• Must be proficient in Microsoft Office package (word, excel, project,…)
• Must be able to coordinate multiple welding qualification programs and associated lab work
• Must have excellent written and verbal communications
• Must be able to read client specifications and determine their requirements and identify documentation/organizational gaps and implement plan to ensure compliance, must be able to estimate associated cost
• Must be able to write and implement standard operating procedures pertaining to all welding activities
• Must have knowledge of welding UNS S32750 & N00625 along with group I and II carbon steel materials