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(sam68) From my reading of the 10-k, it looks like they have a handle on the SEC comments, and know what needs to be done.
I am still looking for better clarity on that situation, and I hope brwtpilot's report will shed more light, along with comments from jds and odinepinetree on that subject.
100% agreement on your comments re: let's get er rolling again.
I am looking forward to performance and action by the executive team, time to lead on.
This is quite a different take on things since a year ago
when the board's concern was focused on key-man insurance for Ron,
and whether it was enough.
I think both men are quite valuable, each with their own skills
to contribute to the team.
jmho
That should make for some good reading, looking forward to
your report.
jds and odine,
jds What made you change your mind about the Electrowave side of the business?
To both of you, what kind of vision did they share? What do you
iyo foresee for EW? With the predicted cuts in military systems what direction is EW heading? Do they have ideas for new products or new markets for existing products? Just a general how does it look to you type question.
Feast on these Viking Poseidon photos jds,
thanks for obtaining these for us.
pictures by Steve Jackson, Sales and Marketing Manager
www.electrowaveusa.com
galley
lounge for client
ROV control room
Veolia Viking Poseidon
Port side of bridge
Hey jds, here are some of those Veolia pictures
from Steve Jackson.
150hp ROV and Deep Down LARS
Veolia bridge
Veolia bridge
heliport reception
Photo by Steve Jackson Sales and Marketing Manager
http://www.deepdowncorp.com/electrowave
I think he said it was short for Brown Water Pilot.
I think you had a long flight back :)
This double-blind, double team shareholder visit with
Steve could get interesting.
Nice picture of the USCG Mackinaw being launched.
"while I was talking with the general manager Ron and the sales guy Steve Jackson"
Sounds like you took a little field trip to Houston??
Very interesting engineering drawings..
We've seen at least two items pictured come into existence.
To the far right looks like the Subsea Deployment Basket
edit #3 over in testing we see the 2nd item from the right,
with a big pulling clevis attached.
http://www.deepdowncorp.com/deepdown/services/engineering
http://www.deepdowncorp.com/deepdown/services/testing
This might be the pulling cable for that clevis
Here is something I posted about that a while ago.
Remember that a Bend Stiffener surrounds the umbilical as it
is hooked into a Bend Stiffener Latcher (BSL). I believe the male ends of the BSLs are shipped out to the umbilical manufacturer to be attached to the Bend Stiffener, which becomes
part of the umbilical. The whole shebang gets pulled up into
the female end of the BSL that is attached to the FPSO or production rig (Perdido)
here is the post, edited for spelling..
"In the case of the recent Shell Perdido news, one company in Finland built the spar, Deep Down supplied the messenger kits, covers and Bend Stiffener Latches for the umbilicals. Another company is supplying the umbilicals and power cables to the 1500hp pumps supplied by FMC to pump the oil up to the spar. DPDW will probably install (pull in) those umbilicals into the BSLs and perhaps "plug the power cables" into the pumps.
*the above is an example and I haven't fact checked if FMC is indeed the supplier of the pumps. The point is, many companies work together to make this oil production happen.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29639605
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=36399739
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=36044018
"Within the past few years, Flotation Technologies has received its approved vendor status for the supply of engineered products such as distributed buoyancy, installation buoyancy and bend limiting products from customers including Cooper Cameron, Oceaneering Multiflex, Technip and Wellstream as well as several large, independent oil companies"
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35540144
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32234943
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32232619
Oops.. cable guys are here.. I'm gone
Person Marked. I don't want to miss a single post
about your visit. Thanks again for your efforts to
get the best available information for the DPDW readers here.
I don't speak for Mr.Butler (nor anyone else at the co.)
but I think he was referring to the executive team.
As far as I know, the executive team is intact and still
in place.
Thanks for those office pictures brwtrpilot, that place even smells new in your photos.
Did you happen to see a sign out front, curbside maybe?
We all are looking forward to your report, thoughts and impressions.
That 'to da moon' stuff is so 90s.
We are dealing with a real company, with a real future here.
Stay tuned the next few years and see how it works out.
Sure , no problem. If anyone here needs to contact
me about the board or a message they posted etc.
JoeHubSmith@gmail.com
Here are my guesses (fwiw) lol
6mo's $0.24 -the bad news is out, expansion of flotec will be finished, new drilling riser buoyancy contracts, better view of revs. from Houston production
1 year $.39 - Looking for better price but need to be real and consider the market
2 years $ ?.?? - crystal ball a bit cloudy due to length of time
The company gets the legal opinion, then it is up to each pp holder to present the(their) cert to have the restrictive legend removed. All the shares could have their legends removed at this time, but the majority of pp holders have not taken this step.
"the final step is presenting the certs to the TA who removes the 144 legend. They are turned around same day as they arrive at the TA."
edit
More info on rules and regs here
http://investorshub.advfn.com/boards/board.aspx?board_id=11942
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=26882633
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=26900117
Yes, but that too was a one time charge. We will not have all the expense of the massive cleanup in the next 10-k.
Should help earnings, don't cha think?
grins
Tonight, same thing as last night. Another truckload out the door.
I agree there Rhino...
"Across the city, asking rates remained flat this quarter, with Houston’s overall
gross rate holding steady (all classes) around $23.00 sq. ft. Examining Class
A gross rental rates, the citywide average held at nearly $32.00 sq. ft.,
although the Katy Freeway and West Loop/Galleria increased almost $2.00
sq. ft. to $28.00 sq. ft. and $32.00 sq. ft., respectively. CBD rates held at
$40.00 sq. ft. with no office buildings set to deliver until 2010.
"Overall gross rental rates remained flat, including
Class A rates with the exception of the Katy
Freeway and West Loop/Galleria submarkets
where rates increased by $2.00 sq. ft. due
to higher asking rates in new buildings and
higher occupancy rates, respectively. Projects
slated for delivery in 2009, particularly in West
Houston (Energy Corridor, Katy Freeway and
Westchase) are quoting higher Class A gross
rates despite the current economic environment.
The Katy Freeway submarket will deliver
product with asking rates from $27.00-$38.00
sq. ft. Westchase has future projects with rates
ranging from $32.50-$34.00 sq. ft. while the
Energy Corridor has future deliveries with rates
ranging from $31-$36.00 sq. ft.
http://www.houstondowntown.com/Home/Business/DoingBusiness/Office/OfficeMarketReports/4QCBRE/4Q08%20CBRE.PDF
No ....but here is some information
It is listed under "INSULATING WATER PROOFING MEMBRANES"
Owner: DEEP DOWN INCORPORATED Owner Details
Owner Address: 15473 East Freeway Channelview TEXAS 77530
Description: Rubber and plastic freshwater containment membrane assemblies, namely, insulating water proofing membranes used to keep saltwater away from marine vessel hulls dockside, and parts therefor
Categories: INSULATING WATER PROOFING MEMBRANES
PARTS
PLASTIC FRESHWATER CONTAINMENT MEMBRANE ASSEMBLIES
RUBBER
http://www.findownersearch.com/aquasox/4174592/
http://www.findownersearch.com/brands.php?bstart=AquaSox&SubmitB=Search+Brands&subbrand=stem
Here is the list of board questions, I have not had any questions about the 10-k submitted yet. Would anybody care to submit a specific question for Steve or (possibly) someone else?
To all,
Look these over, feel free to add anything else that you may be wondering about. Please reply to this post.
These are what we have so far..
1) Is DDI on top of the S-1 situation?
2) Without divulging the specifics, can management enlighten its shareholders as to possible reasons why the S-1 would take 10 months to complete? Both the length of the process and the silence from DDI management regarding the delays is understandably alarming to shareholders. Meanwhile, the PPS recently shrunk to an all-time low. This is not a coincidence.
3) Why wasn't the recent departure of two top DDI executives publicly announced?
4) Is DDI's "quiet period" since June, 2008 self imposed?
5) Why is management opposed to a shareholders meeting?
6) If management is not opposed to a shareholders meeting, would they consider holding such a meeting within the next 3 months?
Regarding #5 and #6, please do not accept a vague "maybe sometime in the future" response. If they are opposed, tell us. If they are OK with a shareholders meeting, let's schedule one.
If I was there I'd ask the welders how much of the fab work is done for DPDW customers and how much is just fab work for Cash Flow done for someone else.. I'd ask Steve,, looking at him straight in the eye's if he ever spoke to a Pipe buyer and told them he couldn't talk because he was in a quiet period.. And last I would ask Butler if after building Weatherford to a giant in the industry,, how DPDW will look on his RESUME when he leaves.. Will he remembered for the company he built or the can of worms that he joined.. He is I am sure aware that he is only as good as his last trade on reputation.. Also I would ask any that I saw there have you bought any stock lately.. And if the ans is no I would ask why not.. Quiet Period..??
why Ron Nance is gone, too, and where he went.
Questions for Deep Down:
We can see from the cameras that things are quite busy in Houston, is most of this work going to existing clients or has Deep Down seen an increase in new inquiries from different (new)companies? Is our customer base growing?
Besides the Gulf of Mexico, Brazil, and West Africa,
are we involved, or seeing interest from other parts of the world with either installation services or equipment?
Anything to report from our Flotec growth efforts in the European Markets?
Perhaps add the question of the growing ROV fleet. Is that area receiving more demand in the form of new clients as well? Are there plans to add another or other ROVs to current inventory?
---------------------------------
This is my wish list if we get to tour the Channelview location.
list #2
I want a walk thru of both double wide modular offices, engineers? office cubicles?
office workers?
Peek your heads into the electrowave building and see if they are still active. Are there projects being worked on?
Ask about the announced "test facility", and what types of products they might test.
See if anything much is happening in the "wireline building" (farthest to the East)
Did they ever get rid of the house for sale? (east yard)
Ask names for every new piece of equipment that you see painted Yellow.
pizza ovens on the sleds, the pipe assemblies sitting on the rails in assembly bay,
and that one yellow contraption behind the chain link (assembly bay)
See if you can find out the functions of the yellow objects.
Safe travels, One last question. Have they added other shifts
or are all these welders working extra hours?
edit: added a map to help you find your way
Thanks, This is the reason they purchased more land and started
the expansion in Maine. Construction of the loading docks and the addition should be starting soon.
?? Do you have a date on that?
Sage, My son was home on Spring break last week, he picked up the Popular Science Mag with the illustration of the spar, flashed it at me and asked if I had seen it before. lol
I said sure that's the Perdido Spar. As he read off the
the stats for the spar I showed him the iBox here, clicked on the Perdido links and showed him Deep Down's part in it.
He was impressed with the size of it and the method to place it on location.
He was also most impressed that Deep Down had a part in it.
http://issuu.com/anaedu16/docs/po/44
http://www.zinio.com/express3?issue=370652361&o=ext
I think you are right spooky.
That's the way I had thought (hoped) it would work.
Posted by: JoeSmith Date: Saturday, December 20, 2008 11:59:02 PM
In reply to: locustsuc who wrote msg# 83523 Post # of 86825
Looks like they figured, worst case scenario they would be paying the penalty from Sept 3 until the 6 months were up from the initial pp date. So their max liability is/was for 3 months.
If the pp holders ARE selling some of the shares, (the recent number(amount) of shares with the legend lifted and the T/A tend to support this), then All Purchasers are Not being prohibited from selling.
imo, that makes this a non issue, imo, except for the payment of 3 months worth penalties to the shareholders, imo
"Assuming that this Registration Statement is not declared effective by the Required Effective Date and/or all Purchasers are prohibited from selling their shares under this Registration Statement, we will be required to pay daily damages of $13,332 per day to the Purchasers. As a result, our failure to obtain timely effectiveness of this Registration Statement could cause a material adverse effect on our results of operations and/or force us to pay penalties to the Purchasers."
My posts are my opinions. Always dd to your own comfort level.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=34329524
That may have been a typo, "expanded to 5 ROVs in 2008"
rather than "expanded by 5 ROVs in 2008"
Not yet, they are putting all the main pieces together now as they come back from the paint shop.
No problem. On another topic, those monsters going
together in the assembly bay tonight are going to be hard to
miss by anyone viewing the cameras or driving by.
The wrapping is coming off the buoyancy modules in the courtyard.
This equipment is having a coming out party soon imo.
You are right jk21, and we then posted and discussed Prospect Capitol's Q numbers in Nov. and I believe I also posted the link to their Annual Report earlier this year.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=33572596
Date Filed Title 11/10/2008 10-Q for PROSPECT CAPITAL CORP
COMPANY NAME(s) - [PROSPECT CAPITAL CORP (CIK - 1287032 /SIC - Unspecified)]
The net realized gain of $1, 645 for the three months ended September 30, 2008 was due primarily to the sale of the warrants related to Deep Down, Inc. while the $(11) realized loss registered for the three months ended September 30, 2007 is attributable to the sale of U.S. Treasury Bills...
Net Realized Gains (Loss)
"Net realized gains (losses) were $1,645 and $(11) for the three months ended September 30, 2008 and September 30, 2007, respectively. The net realized gain of $1,645 for the three months ended September 30, 2008 was due primarily to the sale of the warrants related to Deep Down, Inc. while the $(11) realized loss registered for the three months ended September 30, 2007 is attributable to the sale of U.S. Treasury Bills."
Increase (Decrease) in Net Assets from Net Changes in Unrealized Appreciation/Depreciation
"Increase (decrease) in net assets from changes in unrealized appreciation/depreciation was $(11,149) and $696 for the three months ended September 30, 2008 and September 30, 2007, respectively. For the three months ended September 30, 2008, the $11,149 decrease in net assets from the net change in unrealized appreciation/depreciation was driven by significant write-downs in our investments in WEPI, Deb Shop, Inc., Iron Horse Coiled Tubing, Inc. and by the disposition of Deep Down, Inc. which had been previously valued above cost. These instances of unrealized depreciation were partially offset by unrealized appreciation in C&J, GSHI, and Yatesville. For"
Investment Activity
"During the three months ended September 30, 2008, we closed-out 2 positions which are briefly described below.
On July 3, 2008, we exercised our warrant for 4,960,585 shares of common stock in Deep Down, Inc. As permitted by the terms of the warrant, we elected to make this exercise on a cashless basis entitling us to 2,618,129 common shares. On August 1, 2008, we sold all the shares acquired receiving $1,649 of net proceeds.
Intellectual Property. It's nice to see it stated outright in the 10-k.
Thanks dff! Okay here is the submit questions post for any questions you may want to ask about the 10-k.
This post will accept any and all replies and questions.
woo hoo! the 10-k is out.
The company moved their earnings date from "end of March thru April 15 " to this:
Q. When is the next earnings release date?
A. DPDW will release it's fiscal year 2008 10-K (Annual report) earnings report on, or near, March 15, 2009.
http://www.deepdowncorp.com/investors/faq
Verified by spec machine
"web posting date for release of 10-K is not any error, will be Mar 15 + allowable extensions for accelerated filers"
#msg-36312637
Questions for Deep Down:
We can see from the cameras that things are quite busy in Houston, is most of this work going to existing clients or has Deep Down seen an increase in new inquiries from different (new)companies? Is our customer base growing?
Besides the Gulf of Mexico, Brazil, and West Africa,
are we involved, or seeing interest from other parts of the world with either installation services or equipment?
Anything to report from our Flotec growth efforts in the European Markets? #msg-35180607
Does anyone have any specific questions they would like asked
to the folks at Deep Down? Now would be a good time to do so.
If the 10-k comes out, same deal. Just reply to this message,
perhaps a shareholder or two will favor us with a visit.
Hank, I do not believe anyone went to Deep Down Fri.
There was some talk about 'tenative' plans, but we have not
heard anything recently.
MM line up, bid/ask, etc. I know some skilled traders can almost smell changes on their LevII.
Numbers before or at the open is my first guess.