Deep Down Announces Share Repurchase
HOUSTON, January 24, 2020 -- Deep Down, Inc. (OTCQB: $DPDW ) ("Deep Down" or the “Company”), a specialist in deep-water oil and gas production equipment and services, today announced that since December 23, 2019 it has repurchased a total of 749,315 shares of its common stock pursuant to the Company’s share repurchase program as well as in a privately negotiated transaction. As a result of these repurchases, the Company now has 12,541,365 shares of common stock outstanding.
About Deep Down, Inc. (www.deepdowninc.com)
Deep Down focuses on complex deepwater and ultra-deepwater oil and gas production distribution system technologies and support services, connecting the platform and the wellhead. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, installation buoyancy, remotely operated vehicles 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.
Forward-Looking Statements 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 in 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.
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Chris Eddy or David Collins