Deep Down Ships Proteus Active Heave Compensation Unit
PR Newswire "US Press Releases "
HOUSTON, Feb. 7 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) announced today that it has delivered a Proteus(TM) Active Heave Compensation Unit to Schlumberger for deployment in waters outside the Gulf of Mexico.
The Proteus system is designed to maintain vertical displacement of a subsea payload to within six-tenths of an inch even if the surface deployment vessel, or ship, is experiencing a heave of up to 30 feet. The control system monitors these vertical motions and compensates by releasing and retrieving the main winch to keep the payload essentially still. After extensive testing, Deep Down has further enhanced the performance of its Proteus system and added an additional roller guide option for extremely smooth operation. The mathematical algorithm embedded in the software has also been improved to allow the system to respond to changes in a ship's vertical motion within 0.5 milliseconds.
In addition to new stand-alone Proteus systems, Deep Down has the ability to deliver in-line active heave compensation systems that can be retrofitted to existing winches, thereby adding active heave capabilities to an existing infrastructure. This ability allows prospective customers to preserve their capital investment in existing winches and substantially reduces the cost of adding this increasingly important capability.
"Our Proteus design continues to exceed customer specifications. We are now capable of producing Proteus systems on a mass production level. In addition to the original vertical design for lighter load applications, we can also deliver a horizontal, scaled up, higher tension version of our active heave compensation system to augment Abandon and Retrieval winches in the 50-100 ton range. We envision these Proteus units selling from $500,000 for the smaller units up to $1.5 million each for the larger applications," says Ronald E. Smith, Deep Down's President & CEO.
"Our design uses no motors or gear boxes, and we can, therefore, deliver Proteus units very quickly. Proteus units can be added to an installation contractor's list of deepwater equipment to enhance their overall installation capabilities. Since we are not impacted by the long delivery times that exist for motors and gear boxes, an installation contractor can add a Proteus unit to their inventory for use in soon to be initiated installation campaigns," concluded Smith.
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project.
The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
The Company's Mako subsidiary serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys.
The Company's strategy is to consolidate service providers to the offshore industry, as well as designers and manufacturers of subsea, surface, and offshore rig equipment used by major, independent, and foreign national oil and gas companies in deep-water exploration and production of oil and gas throughout the world. Deep Down's customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit http://www.deepdowninc.com and http://www.electrowaveusa.com
Company information distributed through the Market Access Program is based upon information that Standard & Poor's considers to be reliable, but neither Standard & Poor's nor its affiliates warrant its completeness or accuracy, and it should not be relied upon as such. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
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