HOUSTON, April 24 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW - News) today announced total orders for its first quarter ended March 30, 2007, of more than $3.25 million.
"During the first quarter of 2007, Deep Down received a number of significant orders that not only are expected to generate significant revenue, but made important inroads into several of Deep Down's growing market channels," commented Robert E. Chamberlain, Jr., Deep Down's chairman. The Company received a flexible pipe retrieval, termination, and installation contract from Saipem America, Inc., marking our continuing expansion into the flexible pipe market. Deep Down received an order from Bourbon Offshore, Inc. for electrical umbilical installation reels, demonstrating our growing support of West African offshore operations. Deep Down received an order from Oceaneering International for bend stiffener latchers for the Shell BC-10 project, further illustrating our support of operations in Brazil and our expanding international footprint. We also received a bend stiffener latcher order from DUCO for the Shell Perdido project, which employs our very unique technology that establishes our leadership in remotely operated vehicle (ROV) support of subsea umbilical appliances."
"We are currently completing orders from ODIM, AS, for geophysical equipment including streamer winches, storage winches, level wind assemblies, and overboard sheaves. In another exciting development, we are actively supporting a steel flying lead installation project at Independence Hub for Subsea 7 using our newly developed rapid deployment cartridges," added Ron Smith, Deep Down's chief executive officer.
Other important Company highlights include expansion into the wireline market with the overhaul of wireline trucks for Diamondback, support of the first synthetic rope heave-compensated winch in the Gulf of Mexico for ODIM, AS, and Deep Down's first contract to assist Technip in the Gulf of Mexico with the Bass Lite Field umbilical testing and flying lead support project.
"With the completion of the ElectroWave USA acquisition on April 2, 2007, Deep Down expects to reflect ElectroWave's sales numbers in the 2nd quarter Form 10-QSB. The relocation and integration of ElectroWave into our campus is nearly complete. Although we have already realized benefits, we look forward to accelerating contributions from this recent acquisition," concluded John Siedhoff, Deep Down's Chief Financial Officer.
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