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from the cameras it looks like some of the flotation riser boyancy modules have been moved or removed from the facility yard recently. (the half shell pieces)
it also looks like the east yard camera is "down" and the west yard camera is pointed at a tree...?
Solid quarter, not enough beef to move the sp up to the next level. So what will it take? The deepwater industry is ramping up, and since that is DPDWs industry, a simple view is to say shareholders will reap the benefits. But with such a small company, that may be over-simplifying things. We also know about the carousel and JV which are feathers in the hat and should produce revenue above and beyond the core. I have found it interesting that there has not been much news PRd this year other than earnings, Carousel, and JV. Its time for some news of new contracts to keep everyone interested and looking forward imo...i'd like to see some proof that dpdw is getting a growing piece of a growing pie
PR's from the Deepdown website going back to 2009...
05/18/11 - Deep Down Reports First Quarter 2011 Results
04/15/11 - Deep Down Reports 2010 Results
03/18/11 - Deep Down, Inc. Nears Completion of 1,000-5,000 MT Scalable Carousel System
01/03/11 - Cuming Acquisition Completed - New Joint Venture Formed
12/13/10 - Deep Down Delivers Ballast and Alarm Monitoring Systems for the World's Largest Power Barges
11/30/10 - Deep Down Commences Offshore Work Related to Installation of Subsea Hardware
11/19/10 - Deep Down Reports Third Quarter 2010 Results
10/04/10 - Deep Down and Cuming Corporation Sign Amendment to Purchase Agreement
09/21/10 - Deep Down's Flotation Technologies Opens New Rotational Molding Facility
08/25/10 - Deep Down 3,200 Metric Ton Carousel System will be Located on Alabama Gulf Coast at Core Industries' Theodore Industrial Port
08/16/10 - Deep Down Reports Second Quarter 2010 Results and Update on Cuming Acquisition
06/15/10 - Deep Down Provides Update on its Operations in Gulf of Mexico
05/25/10 - Deep Down Confirms Receipt of Order for Subsea Hardware
05/20/10 - Deep Down Granted Patent on Innovative Subsea Umbilical Technology
05/03/10 - Deep Down to Acquire Cuming Corporation; Names Gay Stanley Mayeux Chief Financial Officer
05/03/10 - Cuming Corp to be Acquired by Deep Down
04/23/10 - Deep Down Begins Construction of a New 3,200 Metric Ton Carousel System for Deepwater
04/22/10 - Deep Down Receives $4 Million Letter of Intent for Surface and Subsea Hardware
04/12/10 - Deep Down Names New Independent Board Member
02/08/10 - Mako Technologies and AGR Subsea Sign Representation Agreement
12/18/09 - Deep Down's Intellectual Property Continues to Grow
12/15/09 - Deep Down Secures Two New Contracts for $4 Million
11/17/09 - Deep Down Announces Third Quarter Results
10/21/09 - Deep Down Announces 30-Year Anniversary of Flotation Technologies
10/07/09 - Deep Down Receives Another Order on West Africa Project
09/30/09 - Deep Down, Inc. Manufactures Largest Buoyancy Modules for Gulf of Mexico Deep Water Project
09/09/09 - Deep Down Announces Appointment of New Chairman of the Board
08/21/09 - Deep Down Announces Second Quarter Results
07/29/09 - Deep Down Announces Support for SSAS Military Contract
07/01/09 - Deep Down Expands Presence in Brazil
05/14/09 - Deep Down Inc Announces First Quarter Results
05/04/09 - Deep Down receives Deepwater Project Orders
it remains a bit murky how much revenue this carousel is going to generate and what the cost structure is for it. it is a deepdown asset but will be used at CORE's facility. some of the verbage below makes it clear that there will be rental, testing, and service related income as customers use it. the amount of expected revenue is unclear but it could contribute nicely to the bottom line. i also wonder how many other carousel's are going to be needed worldwide???
pilot, did you get any more info on this during your visit?
Deep Down, Inc. Nears Completion of 1,000-5,000 MT Scalable Carousel SystemHOUSTON‚ TX — March 18‚ 2011 – Deep Down‚ Inc. (OTCBB: DPDW) (“Deep Down”)‚ an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, announces its scalable 1,000-5,000 MT Carousel System (the “Carousel”), one of which is nearing completion and will soon be delivered to Core Industries (“CORE”) deepwater port facility near Mobile, Alabama. This particular Carousel is rated for 3,400 MT and is designed to be volume limited where if a product can fit, it will be within the 3,400 MT maximum payload.
At CORE's deepwater port in Alabama, Deep Down can provide customers with umbilical storage on its Carousel and vertical reels which in turn provides substantial savings to the customer when mobilizing for an offshore job. The customer will be able to spool or carry umbilicals to the installation vessel while simultaneously loading out the vessel with the remaining requirements. Deep Down will also be able to perform full scale Systems Integration Testing (“SIT”) and have installation equipment on site that supports the Carousel available to rent to installation contractors for immediate mobilization. We also have the equipment onsite and the experience to test, flush clean, monitor, and even commission umbilicals by exchanging with the desired deliverable fluids before heading offshore.
The Carousel's flexible foundation has simple requirements for on and offshore use. Being scalable in increments of 500 MT and holding up to 5,000 MT the Carousel design is quite versatile and nearly limitless to the size of your project, dock, or installation vessel.
More interest is pouring in from other companies as we work to further expand the capabilities of the Carousel System design for future orders.
Deep Down 3,200 Metric Ton Carousel System will be Located on Alabama Gulf Coast at Core Industries' Theodore Industrial PortHOUSTON, TX – August 25, 2010 – 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 teamed up with Core Industries (“CORE”) to permanently locate a 3,200 MT Carousel System (the “Carousel”) at CORE’s deepwater port facility near Mobile, Alabama. The Carousel is currently under construction and will be ready in the fourth quarter 2010.
CORE’s deepwater port in Alabama is an ideal location for Deep Down to provide its customers with umbilical storage capability on its Carousel, which in turn provides substantial savings to the customer when mobilizing for an offshore job. The customer will be able to spool the umbilicals onto the installation vessel and simultaneously load out the vessel with the remaining requirements. Deep Down will also be able to perform full scale Systems Integration Testing (“SIT”) and have installation equipment on site that supports the Carousel available to rent to installation contractors for immediate mobilization.
Ronald E. Smith, Chief Executive Officer stated, “Teamed with Core Industries’ marine handling capabilities at their deepwater facility and Deep Down’s innovative deepwater services and equipment make up a combination of ‘Can-Do’ contractors which could very well become the premier staging area for the ultra-deepwater Gulf of Mexico and a launching pad to areas even further South. I am proud to place our Carousel and supporting equipment at Core Industries and offer the kind of services to our customers they deserve. The simple fact that we can perform SIT and other valuable testing of systems offline so that we can find the problems before they become the customers deepwater problems will be an incredible project safeguard that will bring added value to our customers.”
Morgan B. Myles, President, Core Industries, Inc., stated, “We are pleased to add Deep Down, Inc. to the list of innovative deepwater oil and gas installation contractors who call Core Industries facility, Theodore Industrial Port, their Base of Operations . We are excited to work with Deep Down and its talented team for the installation of their new storage carousel and look forward to providing our facility and services for Systems Integration Testing and other Deep Down projects. We have no doubt that much success will come for both companies from hosting this Carousel and that the result will be the highest quality project.”
Deep Down Begins Construction of a New 3,200 Metric Ton Carousel System for DeepwaterHOUSTON, TX – April 23, 2010 – Deep Down, Inc. (OTCBB: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, today announced that it has completed the design and has begun construction of a 3,200 metric ton Carousel System, which is scheduled for completion early in the third quarter of 2010.
Upon completion the Carousel System will be located in the Gulf Coast, to facilitate the handling of umbilicals from transportation vessels onto the Carousel, and with the ability to store up to three separate steel tube umbilicals for projects in the region.
Ronald E. Smith, Chief Executive Officer, stated, “We got involved in this project to help one of our umbilical manufacturing customers better support their customer; this solution will offer more flexibility to the operator and installation contractor. This carousel is being built as an asset of Deep Down, Inc., and we will be providing the support services as a part of the contract to support a world leader in the design and manufacturing of steel umbilicals. The carousel is designed to be used onshore, on a transportation barge or on an installation contractor’s subsea construction vessel.”
i'm hoping the upcoming 1Q earnings cause a break from the trading range to the upside. i have no idea how actual 1Q earnings will stack up to previous quarters(not much official news of activity during 1Q) but i'm more excited about any indication that the forecast is strong for upcoming quarters. if that occurs, some new investors could hop on board imo.
the table is set for growth. there seems to be news every day indicating that the deepwater industry is ramping up....from today.
http://online.wsj.com/article/SB10001424052748703864204576317121890526668.html?ru=yahoo&mod=yahoo_hs
http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7060559
i liked venessa but that was pretty old...2008...?
conf call summary below(note: this was copied and pasted from someone posting on the yahoo board, not sure if they took notes or copied and pasted it from somewhere else...but i dont have a link to the actual source)...the military partnership for hiring/training new frac hands sounds like a great idea...competent, dedicate folks who are used to working with equipment.
? TSX listing
o In process, no issues, review of personal info forms being delayed by large number of secondaries
o Complete late May or early June
? 2011 Capital program
o Exiting May with 6 sets, 4 in CA and 2 in US
o Deliveries August through November
o Exit November with 10 sets
o Deliveries include back-end (liquids and sand hauling) additions which will bring to 2.5x front end (horsepower). This will allow pre-frac and post-frac operations without having the horsepower on site and standing idle
o Appears that capex in-fill during 2011 will be handled from $50M line of credit
? Future capex (phone)
o Equipment order lead times running 9 months
o No plans to order additional sets during 2011
o Current plan calls for new capex program in 2012 to fund 2013
o 2013 capex program will be defined in late 2012
? Utilization
o 1Q utilization ran about 35% (up from 30% in 4Q)
o Need the back-end units to be delivered during 2011 to improve utilization
? Outlook for Canada (CC and phone)
o Declined to provide expected number of treatments for 2Q
o Mentioned that the Spring Breakup normally over by now but running late and impeding ability to move equipment to new jobs
o They have business for 2 of 4 sets through mid-2012
o They have 90 day backlog for other 2 sets which they allocate on 30 day basis depending on proximity of treatments and potential value of customer
o Increased interest from the Alberta Bakken
? Outlook for US (CC and phone)
o Declined to provide expected number of treatments for 2Q
o Facilities/shops in Kilgore (east TX) and Midland (west TX)
o Concentrating on Eagleford, Canyon Sands, and Wilcox formations
o Working tight radius so they can optimize mix of committed jobs and trials
o Expected slower uptake in US, pleasantly surprised by interest
o Have completed 21-22 treatments
o 16 treatments “committed interest with intent” – on follow-up, these appear to be jobs in the queue
o 14 treatments awaiting proposal from Gasfrac
o Basis for interest is mix of actual field results and interest in new and promising technologies
? Propane recovery
o Propane recovery prototype will begin field trials in late June
o Commercial unit expected to deliver in late 2011
o Will be run as a separate business for those customers who do not have propane recovery facilities at nearby gas processing plants
o Have hired manager who will run the business
? Gasfrac license from Chevron (phone)
o Exclusive license for the gel in Canada, non-exclusive in US
o It is the process for customizing the gel and injecting the gel with proppants which is critical to Gasfrac’s business. The process is proprietary and subject to patents granted or applied for.
o Have just received a gel patent, no indication of issues with other applications
? Recruitment and training issues (phone)
o Recruitment and training is running smoothly
o Partnership with Canadian military which has seconded an officer to Gasfrac’s HR department 3 days a week
o Canadian military is working with pool of several thousand prospects (those leaving service) and doing the screening for Gasfrac. Canadian military pays all training expenses.
o Simulator is still under construction. Virtually everything they do is computer controlled and monitored so the simulator will be a big aid in training.
? Husky (phone)
o No loss in treatments – investigators released equipment quickly
o No culpability
i'm not able to listen to the CC but they must be creating some confidence...sp is up to 11.60 and looking strong
looks like the safety incident had a bigger dent in 1Q results than i anticipated. i was not aware of the data van issue reducing fleet capacity. they had to respond to the safety incident though and shut-down operations as they did in my opinion.
the biggest risk in this stock is safety. one major incident and they will be black-listed from most major operators. a lot of people are already weary of pumping liquified gas as the frac fluid. they need to prove it is safe to gain operators trust...oh yeah, and prove it is an effective and economic stimulation technique. not sure what will happen tomorrow but i suspect a little red. i'll hold and would buy again under 10.00....all imo.
added to my position at 11.17 today. i hear a few fracs are being lined up in TX. my hope is that earnings are strong on May 9 and forward outlook, including TX activity, indicates more blue skies are ahead. only time will tell. all imo.
i got a partial fill for only 6k at 0.109 before the latest wave of volume...as you know, it has been tough getting anything in the 10s lately
it sounds good to me spec...lots of volume in the last 30 min but little movement...
when you add up the potential of the JV and then multiply by 20%, the current stock price of DPDW looks surprising low. throw in the fact that Ron and the fab shop are probably already making some cash and you really start scratching your head. the stability of the JV seems to eliminate most of the risk here. All IMO.
Earnings Delay
Missed this too which was put out after market close yesterday and further helps explain things. Looks like they are having a hard time getting all the info they need out of Nigeria...interesting
Press Release Source: Mart Resources, Inc. On Monday May 2, 2011, 5:48 pm EDT
CALGARY, ALBERTA--(Marketwire - May 2, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "Mart" or the "Company") announces that it has determined that it will not be able to file its annual financial statements, management's discussion and analysis and CEO and CFO certificates (collectively, the "2010 Annual Financial Statements") by the filing deadline of May 2, 2011 as prescribed by National Instrument 51-102 - Continuous Disclosure Obligations.
The Company's delay in filing its annual financial statements is due to it being unable to secure certain documents and confirmations from third parties located in Nigeria necessary to complete the audit. The Company is currently working to secure the required materials at the earliest possible date and anticipates filing its 2010 Annual Financial Statements no later than May 31, 2011.
The Company has made an application to the applicable regulatory authorities for a management cease trade order ("MCTO"). The application and this press release has been authorized by the Chief Executive Officer of the Company, and approved by Mart's audit committee. There is no certainty that such order will be granted. If a MCTO is granted, the general investing public will still be able to trade Mart shares, however, the Company's Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade Mart shares. If a MCTO is not granted, the applicable regulatory authorities may issue a cease trade order against Mart for failure to file the Financial Statements within the prescribed time period.
Until Mart completes the filing of the Financial Statements, Mart will comply with the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require Mart to issue bi-weekly default status reports by way of a news release so long as the Financial Statements have not been filed.
Rig damaged...
I had missed this news. It and the Nigeria unrest must have created the downward pressure before today's reserve report, which also has caused selling for whatever reason...
1) The workover rig was working on a 3rd party well and 2) it was insured....so i dont see this as being a huge event in the end...however, it will take a long time to replace it given current rig availbility and demand
Rig details... http://www.nrgdrilling-ng.com/Rig101.php
CALGARY, ALBERTA--(Marketwire - April 27, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "Mart" or the "Company") advises that its NRG 101 service rig suffered significant damage by a fire while performing work-over operations in Nigeria on an unrelated third party well. The rig is owned by a Mart subsidiary. Mart has been advised that there were no fatalities associated with the incident, however some workers suffered first and second degree burns. Mart is doing its utmost to ensure the injured workers receive the appropriate medical attention. The Company is currently assessing the incident and the damage to the NRG 101 service rig and associated equipment and installations. The insurer has been notified of the incident.
The incident on the NRG 101 service rig does not in any way impact ongoing testing of the UMU-7 well or operations on the Umusadege field. Testing operations on the UMU-7 well are being conducted by Mart's NRG 201 rig. Additional testing results from the UMU-7 well are expected to be announced shortly.
ABOUT MART RESOURCES:
Mart Resources Inc. is an independent, international petroleum company focused on drilling, developing and producing oil and gas from low-risk proven petroleum properties in Nigeria, West Africa. The Company is currently producing and developing the Umusadege field along with Midwestern Oil and Gas Co. Plc (the Operator of the field) and SunTrust Oil Ltd. Mart also owns two land drilling rigs, has strong local relationships and experience and is evaluating additional proven undeveloped opportunities in Nigeria.
Additional information regarding Mart Resources, Inc. is available on the company's website at www.martresources.com.
Forward Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
sell on the news?
not me...i had a few buy limit orders get hit this morning in the low 60's. i'm rebuilding a position. i sold some due to the nigeria unrest in the high 60's.
fab shop is busy today. watched them machine the ends of about a 20' piece of what looked like 9-5/8" heavy walled casing. whatever the tubular was, they took it from near to far with the crane and are working on it towards the back of the fab shop.
i hear the equipment is in TX. i also heard they were looking to hire engineers in the lone star state. other than that, i dont know.
i assume the nigeria unrest is weighing on the stock price here. this presents a buying opportunity if the rioting subsides...or the bottom will fall out if the country goes into civil war...i predict increased reserves and production for Mart but no way to predict the geopolitical outcome...
http://www.voanews.com/english/news/Nigerian-President-Considering-State-of-Emergency-if-Elections-not-Complete-120770229.html
where is the field located in country? towards the south? anybody have a link of the field on a map?
Are the 4Q results broken out anywhere? or annual reports broken out by quarter? everything I see is just comparing 2009 to 2010
was hoping for that motivated seller today but no dice. gradually walked up my bid from 0.095 to 0.1 and just got filled at 0.1. i'm not sure there will be much movement after the 4Q results as most here already expect good results and sometimes i dont know if anyone outside this board really pays attention to dpdw. with the offshore industry ramping back up, i see more upside from a dime than downside so i figured i'd put in a modest raise. should see the flop soon....or is it the turn..or the river by now...in any case, we avoided a no volume day!
Updated Reserve Report?
I thought I read somewhere that an updated reserve report was in the works for the the Umusadege field, based on the results of the latest wells.
Does anyone know the approximate timeline for that report?
Does anyone have a link to an existing reserve report?
sitting at 0.096 for 25k...nothing yet
This looks to be progressing "under the radar"...
http://www.navsea.navy.mil/teamships/PEOS_BoatsandCraft/SS_TAGM25.aspx
DPDW's involvement...
http://www.deepdowninc.com/press.php?id=7
When does DPDW get paid for the work? I'd think once the ship is approved by the Navy...so Spring 2011 if the timeline holds...?
not quite that simple. i copied and pasted a paragraph from the June 2010 2Q2010 results analysis document on the company website. i found most of the info i was looking for. Mart has 100% WI and a very high NRI until payout of capital costs. After payout, it drops down to a 50% of revenue after royalties, taxes, NDDC contributions, operating costs and abandonmen obligations are stripped out. I imagine it is on a well by well basis, which is why they say they ended up with a 64.2% NRI of total field production for 2Q2010.
does anybody know how much royalties and taxes are? the nigerian governemnt is probably getting a good chunk of change since they own the minerals.
Under the terms of the Finance and Technical Services Agreements (the “Umusadege F&S
Agreements”) agreements between Mart, Midwestern and Suntrust, Mart contributes to the development
of the Umusadege field by providing 100% funding of capital costs in exchange for an allocation of
hydrocarbons discovered and produced from the field. Under these agreements, during the cost recovery
phase, Mart is entitled to up to 95% of the production revenues remaining after deduction of royalties,
petroleum profits tax (“PPT”), NDDC contributions, operating costs and abandonment obligations. The
remaining 5% of production revenues are allocated 50% to Mart and 50% to Midwestern and Suntrust.
Once Mart has recovered all of its capital costs, all production revenues remaining after deduction of
royalties, PPT, NDDC contributions, operating costs and abandonment obligations are shared 50% to
Mart and 50% to Midwestern and Suntrust. During the six months to June 30, 2009, Mart’s capital costs
in respect of the Umusadege field had been recovered and the Company’s share of revenue was 64.2%
in Q210 compared to 68.0% in Q110 The Company plans to continue developing the Umusadege field
and adding recoverable costs throughout 2010, which will affect Mart’s share of revenue for the
remainder of 2010 as additional eligible costs are recovered.
10-4...however, wrt NRI...
50% WI(or Working Interest) is basically percentage of cost that Mart pays. So if they drill a $10mil well(have no idea what their actual well costs have been), they owe $5mil.
Do you know what the NRI is...or Net Revenue Interest? This would represent the percentage of the revenue from produced oil and gas that Mart gets paid.
In onshore US oil and gas exploration/production, you can have 100% WI but your NRI may only be 88.5%...for example. The government and mineral owners get a cut for no cost. What I'm really asking is how much of the revenue stream doe the Nigerian government get in this field?
The recent operational updates list gross rates. What is Mart's WI and NRI in this field?
They've proven some nice reserves and rate potential from this onshore field. They just need enough geopolitical stability(and pipeline) to get the molecules to market. That is not a given at the moment.
Nice. Having spent a little time working offshore, I fully appreciate the scope of that operation. I also appreciate the CEO being out on the job. It let's you know how important of a project this was for DDI...and it looks like they got the job dones safely and on time!
Is the ship back in the Gulf? I thought they were hoping to keep it over there to pick up more work.
Also, the April 22 PR stated $4mil for installation equipment and hardware. It did not mention installation services. I guess we'll have to wait for 4Q results to see the final invoice.
All-in-all, not bad for a little fab shop...
Deep Down Receives $4 Million Letter of Intent for Surface and Subsea Hardware
HOUSTON, TX – April 22, 2010 – 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 received a Letter of Intent (LOI) for an order valued in excess of $4 million for installation equipment, surface and subsea hardware in West Africa; the majority of the work is to take place in the third quarter of 2010.
Ronald E Smith, Chief Executive Officer, stated, “We are very pleased that as Deep Down products and services increase, so does the demand and the confidence bestowed on us by our clients. Deep Down’s entire purpose is to provide the glue that helps bond these projects together so there is the highest level of safety and overall savings to the quality and efficiency by which the products are installed and services provided. We look forward to building on this project and pursuing other opportunities in the region with the assets we will be deploying for this project.”
Delba Contracts: Is it thought that the recent pics of the risers in the Houston yard are for the Delba III? Will the ~$11mil for that contract get credited to 1Q 2010? Also, has anything come out of the LOI for the Delba IV? I've pasted two PRs on these contracts below....
Take a look at slide 11 on this presentation...
http://www.intsok.no/docroot/downloads/INTSOK-PDF-0-INTSOK-Intro.pdf
It looks like there are Delba rigs V, VI, VII, and VIII scheduled for start up in Brazil in 2012...would be nice to continue to get the riser flotation jobs on these Delba rigs...at ~$10mil a pop!!...also, slide 12 states that all of these rigs are under construction so i assume funding has been secured for them.
if that link doesnt work just Google Delba III and look for it...also found this site which lists the Delba rigs...looks like V and VI are semi-submersibles and VII and VIII are drill ships http://207.56.169.132/world/highvalueships/offshorerigsonorder.htm
HOUSTON, June 5 2008 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced that it has received a second letter of intent for approximately $9 million from Delba International to supply and install the deepwater marine drilling riser flotation system for the new-build Delba IV semisubmersible drilling rig. The letter of intent is subject to the negotiation of a final purchase order once engineering is completed. The Letters of Intent authorize expenditures for such engineering efforts. Together with the previously announced Letter of Intent for the Delba III, Deep Down now has orders for approximately $18 million of deepwater marine drilling riser flotation systems. Both the Delba III and the Delba IV are rated to drill in 2,400 meters of water but are readily upgradeable to 2,700 meters and have long term contracts to drill in Brazilian waters.
"A Letter of Intent is the first step in a committed process which typically becomes a purchase contract upon completion of joint engineering efforts between us and our clients," commented Ronald E. Smith, Deep Down's president and CEO.
HOUSTON, Nov 25, 2008 /PRNewswire-FirstCall via COMTEX/ -- Deep Down, Inc. (OTC
Bulletin Board: DPDW) today announced that it has received an executed $11.1
million contract from Delba Drilling International Cooperatie U.A. to supply and
install the deepwater marine drilling riser flotation system for the new-build
Delba III semisubmersible drilling rig.
The original letter of intent, initially estimated at $9 million, was received
May 23, 2008. The increase in the value of the contract is reflective of
engineering changes to satisfy additional lift requirements. The Delba III
semisubmersible drilling rig is rated to drill in 2,400 meters of water and is
readily upgradeable to 2,700 meters. The Delba III has long-term contracts to
drill in Brazilian waters. The rig set of flotation for the Delba III is
scheduled to be delivered by early 2010.
The manufacturing requirements under the Delba III contract will be managed by
Flotation Technologies, a Deep Down subsidiary. The installation of the drilling
riser flotation system will be managed by Deep Down (Delaware), also a Deep Down
subsidiary.
Delba International has secured financing for the construction of the Delba III
semisubmersible drilling rig. Deep Down is now focused on achieving a successful
contract execution on the Letter of Intent for the Delba IV semisubmersible
drilling rig, which was announced on June 6, 2008.
sage, do we know what date 4Q #'s will be released? or what is your estimate?
fidelity recently got mine converted BUT they are still not tradable. they show up in my account but are labeled as "(legal)". i just got a Irrevocable Stock or Bond Power form in the mail which i will be returning today. i think once i do that it will clear the way for them to be tradable.
it is in the ibox. it is the late July one i think...
I am liking this piece of the PR more and more....
Deep Down's partnership with Amnor provides access to Military and Government Small Business and Service Disabled Veteran Owned Small Business ("SDVOSB") set-asides that Deep Down was not previously eligible to participate in. Recent public law requires 3% of all prime contracts to be awarded to SDVOSB's. Deep Down expects to increase its participation in military contracts through its new partnership with Amnor.
i realize folks here are more excited about the quarterly filing and recent increase in stock price but since i plan to be holding my shares into 2010, i'm still curious when the navy military contract will turn into earnings.
here is some more info i dug up while bored at work...
http://www.globalsecurity.org/intell/systems/cjr.htm
On 29 November 2005 Bender Shipbuilding & Repair Co., Inc. was awarded contract N00024-06-C-2213, Marinette Marine Corporation was awarded contract N00024-06-C-2214, and Halter Marine was awarded contract N00024-06-C-2215
the bolded contract# above was referenced in the dpdw PR.
also from that website...
T-AGM(R) ship delivery is planned for FY 2010.
and from this website...http://www.defenselink.mil/contracts/contract.aspx?contractid=3346
VT Halter Marine, Inc., Pascagoula, Miss., is being awarded a $199,173,420 firm-fixed price modification to previously awarded contract N00024-06-C-2215, for Phase II detail design and construction of the T-AGM(R) Cobra Judy Replacement Ship. Work will be performed in Pascagoula, Miss., and is expected to completed by June 2010. Contract funds will not expire at the end of the current fiscal year. The Naval Sea Systems Command, Washington, D.C., is the contracting activity..
...so i dont know anything about military contracts but what i did learn from my google adventure was that the navy's toys are expensive (just take a look at some of these bills...http://shipbuildinghistory.com/today/statistics/navycontracts.htm). my point here is that if DPDW can provide a unique service to the shipbuilding industry, it could equate into significant revenue in the future.
it also appears that the target date for project completion for TAGM ship is June 2010 so maybe we'll get some revenues for that contract by then...
Does hurricane Ida threatening Nicaragua mean we get more access to fallen trees via Richwood's partnership with Rich Corporacion?
From Ibox...
"-Italian Oven International owns over 80% of the capital stock of Richwood Eco Ventures, Inc. REVI maintains a marketing partnership with ownership of capital stock in Rich Corporacion in Nicaragua.
-More information about Rich Corporacion's products may be found at www.richwood.com.ni . If your company is interested in purchasing wood products that were damaged by Hurricane Felix, please contact us immediately at woodventure@theitalianoveninc.com .
got partially filled yesterday also...they are not promoting volume by being so stingy
SSAS Info
I found this on the web b/c I was curious what this naval contract was all about...not sure if this was already posted here but i think it has some information that wasn't in the Deepdown PR...
from
http://www.naval-technology.com/news/news60854.html
The manufacture and installation of a security and safety alarm system (SSAS) for the US Navy TAGM missile range craft is now being supported by deep water solutions provider Deep Down.
The SSAS is intended to enhance maritime security for the Navy's TAGM-25 missile range instrumentation ship and to prevent piracy and terrorism acts against shipping.
The company will provide design support, engineering and manufacturing of the SSAS through a newly formed partnership with the marine automation systems manufacturer Amnor Technologies.
The coordinated effort of Deep Down and Amnor towards the implementation of SSAS is a part of phase II of the TAGM-25 missile range instrumentation ship contract awarded to the shipbuilding company VT Halter Marine by the US Navy's Naval Sea Systems Command.
Gotta like making money off of Pirate hunting!
well if you do, i would take a screenshot of the ibox above which has the infamous bloomberg PR. the fact that they posted that on their site and then dismantled the company a few weeks later is outrageous...and I would think illegal on some level if they never had such an "agreement"...and especially if any insiders took it as an opportunity to dump their remaining shares(no proof on this latter point, just speculation).
i would think this one act, not to mention the years of empty PR's (insert memory of Spooz Europe Ltd..haha), would be enough fuel for a lawsuit of some sort...
allie, include me too...let me know if you dont have my address any longer and i will email it to you
Allie, Please keep me in the loop also wrt this letter.
i just received a form from fidelity and mailed it back in to fidelity as they advised this week. i also faxed them a copy...i told them i did not have a "certificate" for my preferred C and they said they would take care of this. it is all very confusing to be honest. i asked them to try to call me before they actually submit the conversion request to 141 so I can be clear on what "date" and 5-day avg share price that will be used in my conversion(see my previous posts here about variable "B" in MC's posted "unconversion" formula)
we'll see how long it takes and how many common shares I get when it is all said and done.
that is quite depressing considering that those are the same guys that i thought i was investing in when buying spzi shares last year. wonder if they are releasing to the "green zone" first..lol.
after all is said and done...the bloomberg announcement on the spooz website is the most annoying foul in my book. to post such an encouraging development and then quietly dissolve is awfully shady and might have been criminal on some level.