a few times here on the board we have discussed big contracts for new products, which is great -but i have said before we often overlook the service side. i dug this out of the 10-k
Products
We provide installation support equipment and component parts and assemblies for subsea distribution systems. We believe the key to successful installations of hardware is to design the subsea system, considering installation issues first, working backwards to the design of the hardware itself. This is why we have been instrumental in the development of hardware and techniques to simplify deep water installations. We design, manufacture, fabricate, inspect, assemble, test and market subsea equipment, surface equipment and offshore rig equipment that are used by major integrated, large independent and foreign national oil and gas companies in offshore areas throughout the world. Our products are used during oil and gas exploration, development and production operations on offshore drilling rigs, such as floating rigs and jack-ups, and for drilling and production of oil and gas wells on offshore platforms, TLPs, Spars and moored vessels such as FPSOs. We have been involved in almost every Umbilical installation and Steel Flying Lead installation and development in the Gulf of Mexico. Approximately 40% of our revenue is from product sales. A few of our major product lines are highlighted below.
Services
Deep Down’s engineering team can provide project engineering, installation and pull-in engineering, project management, installation management, and commissioning services. We pride ourself on collaborating with engineers from the installation contractors and manufacturing side of the industry to find the most effective solutions to address installation problems in the subsea world. We also provide installation, retrieval, storage and management services in connection with the use of our products. Approximately 60% of our revenue is derived from services.
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