Deep Down Receives $1.5 Million in Steel Flying Lead Orders
PR Newswire "US Press Releases "
HOUSTON, Feb. 11 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) announced today that it has received orders for $1,500,000 worth of loose-tube steel flying leads (LSFLs).
Deep Down is adding new design features to its LSFLs to enable quicker deployment and installation in high current, deepwater environments with the aid of its horizontal drive units (HDUs) and rapid deployment cartridges (RDCs). The Company expects to complete the design, manufacture, and delivery of these LSFLs to both of its clients, Helix Energy Solutions Group, Inc. and VetcoGray, Inc., within the next 90 days.
Deep Down has improved its manufacturing procedures to allow for mass production of steel flying leads (SFLs) and associated components for large scale projects. Deep Down was instrumentally involved in the visionary development of the SFL concept, as well as its deployment procedures approximately ten years ago. The original design continues to evolve as the industry initiates exploration and production projects in deeper water.
Ron Smith, Deep Down's chief executive officer commented, "Our goal is to be the number one choice for the supply, and offshore support, of all types of SFLs, based on quality of product, quicker delivery times, and efficiency of product installation. We can manufacture SFLs up to 10,000 feet in length with any J-plate desired, with or without electrical cables included. Another important goal is to continue to simplify procedures so that subsea connections are easier to complete, whether by fully experienced remote operated vehicle (ROV) crews, or ROV crews new to our product line."
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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