Deep Down Ships $1.5 Million of Innovative Subsea Hardware Tuesday March 25, 1:39 pm ET
HOUSTON, March 25 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW - News) announced today, in a continuing effort to create installation-friendly, solution-oriented products for its clients, that it has custom-engineered, produced, and shipped BS Latcher receivers and Messenger Wire Kits to mitigate the problem of marine growth in shallow subsea environments for umbilical systems in the Shell Perdido project. The entire project included more than $1.5 million in ROV-installable subsea hardware consisting of four BS Latchers with fluid-compensated subsea protective debris covers, nine subsea blind flanges, and 13 Messenger Wire Kits, including chain jacks and drifts. ADVERTISEMENT
The Messenger Wire Kit includes our standard fluid-compensated debris cover, which completely surrounds the BS Latcher Receiver. This unit is connected to a new, unique, high-strength, pre-tensioned messenger wire chain that is attached to a surface hang-off device, with an upper blind flange sealing off the I-tube and holding the chain under tension with a chain stop. The chain tension and extra slack chain is handled via a surface kit. This surface kit consists of a chain locker and a new double-acting chain jacking system which is mounted on the top of the I-tube hang off device. This enables the debris cover or subsea blind flange to be held under tension or lowered to the installation vessel in a continuous and controlled process. The Messenger Wire Kit also includes cylindrical drifts with internal anodes and port holes to provide circulation and optimum corrosion protection within the I-tube.
In order to protect I-tubes not yet equipped with the BS Latcher receivers, Deep Down has provided another new solution consisting of a subsea blind flange that resembles a hatch cover. This subsea blind flange mounts on the bottom of the I-tube flange and is connected to the messenger wire chain and surface kit. This system also has a hinging assembly, making it easy to install and recover the subsea blind flange offshore during the installation. This system will provide long-term protection for the I-tubes until a BS Latcher is installed at a later time and umbilicals are pulled in and hung off.
"Deep Down, Inc. is proud of its ability to innovate solutions for our clients. Continuing demands force us to make our products and services even better to make installations safer and more efficient than ever before. Every dollar spent onshore in engineering design can save two or more dollars offshore in installation procedures, and the safety benefits are immeasurable. This was an exciting project for us, and we look forward to continuing our support of the project with our core services during the installation and commissioning phases," says President and CEO, Ronald E. 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.
-------------------------------------------------------------------------------- Source: Deep Down, Inc.
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