Koil Energy Solutions Inc. (KLNG)

[JoeSmith]

Drilling plant expands

By MAINEBIZ News STAFF

01/28/09

A Biddeford manufacturer is expanding to meet an increased demand for its buoyancy and flotation devices.

Deep Down Inc. received an $11 million order for deepwater drilling modules to be installed on a semisubmersible drilling rig off the coast of Brazil. According to a statement from Ronald E. Smith, president and CEO, the company has committed more than $2 million to expand its production and testing capabilities. Ground has been already been broken on the first phase of the project to enhance the plant's shipping and operational functions. The second phase, which will increase the size of the facility, is set to begin this quarter.
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