Deep Down Expands ROV Fleet Through Mako Technologies
HOUSTON, Oct 13, 2008 /PRNewswire-FirstCall via COMTEX/ -- Deep Down, Inc. (DPDW) today announced that its wholly-owned subsidiary, Mako Technologies, LLC ("Mako") is expanding its fleet of Remotely Operated Vehicles ("ROVs"). Mako recently took delivery of its fifth ROV, a Seaeye FALCON, and has placed an order to purchase a Sub-Atlantic SUPER MOHAWK for delivery in the fourth quarter.
The Super Mohawk can carry out many of the tasks currently being performed by heavy, work-class vehicles. The rigid open-frame design provides an abundance of space and the generous payload capability provides a versatile solution for the installation of manipulators, sensors, and additional equipment.
"Presently, our entire ROV fleet, including our newly acquired FALCON, are offshore working," stated Bryce Merrill, Mako's Director of Subsea Services. "With the damage associated with Hurricanes Gustav and Ike, demand for ROV services has been extremely high. We have our two LYNX ROVs demobilizing from a successful project in Trinidad and as soon as they get back to our base and inspected, they will immediately be deployed into the Gulf of Mexico to help our clients assess the extent of the damage to the offshore infrastructure.
"The utilization rate for our offshore equipment, including ROVs, is at the highest levels since Hurricanes Katrina and Rita. The latest MMS damage assessment report indicates that the number of platforms destroyed by the 2008 Hurricanes is at 49, which is more than were destroyed by Hurricane Katrina," Merrill concluded. "The expansion of Mako's fleet of ROVs supports our strategy to continue to invest in growing the capabilities of all our companies to meet the demands of the market. These investments will enhance the financial performance of the company and bring value to our shareholders," said Robert E. Chamberlain, Jr., Deep Down's chairman and chief acquisition officer.
