Koil Energy Solutions Inc. (KLNG)

[alien42]

NEWS - Deep Down, Inc. Ships Three BS Latchers

HOUSTON, Jan 30, 2008 /PRNewswire-FirstCall via COMTEX/ -- Deep Down, Inc. (DPDW) announced today that three Bend Stiffener ("BS") Latchers, for the BC-10 project, were shipped to Singapore. These BS Latchers will be installed on the Client's Floating Production, Storage and Offloading vessel ("FPSO") which will be bound for Brazil upon its completion. An FPSO is a type of floating tank system used by the offshore oil and gas industry. It is designed to receive oil or gas produced from a nearby platform(s) and store it until the oil or gas can be offloaded onto waiting tankers, or sent through a pipeline.

The BS Latcher is a proprietary Deep Down design which offers its clients significant cost savings as compared to many of its competitors' products. These cost savings arise principally out of the unique quick-release and locking mechanism which can be engaged by a single ROV without any need for divers for any phase of its deployment. As bend stiffeners get larger and heavier, it is also important to note that the bend stiffener can be carried behind the bullnose of the Deep Down BS Latcher and engaged into the mating bellmouth quickly and efficiently. Upon completion, the bend stiffener can be released to allow the bullnose and umbilical to be pulled up through the remaining length of the I-tube and hung off at the topside hang-off flange.

"The Deep Down design has handled high load transfers for very high bending moments of up to 350,000 foot pounds. As umbilicals, and attached bend stiffeners, are subjected to higher cyclic loading in ultra deepwater developments, these bending moments will increase. Our BS Latchers can be engineered and designed to handle these ever-increasing loads and bending moments. It is gratifying that our client has chosen to use our services in an international installation in Singapore on their very first owned FPSO, which is to be operated in their very first development in Brazil," says Ronald E. Smith, President & CEO of Deep Down. "We continue to strive to engineer innovative solutions to save our clients time and money in the continuing search for oil and gas reserves," he concluded.