DPDW .11x.115 Volume pouring in on NEWS!! Here's todays news, but also had great news yesterday!
Deep Down Begins Construction of a New 3,200 Metric Ton Carousel System for Deepwater
HOUSTON, April 23, 2010 /PRNewswire via COMTEX/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, today announced that it has completed the design and has begun construction of a 3,200 metric ton Carousel System, which is scheduled for completion early in the third quarter of 2010.
Upon completion the Carousel System will be located in the Gulf Coast, to facilitate the handling of umbilicals from transportation vessels onto the Carousel, and with the ability to store up to three separate steel tube umbilicals for projects in the region.
Ronald E. Smith, Chief Executive Officer, stated, "We got involved in this project to help one of our umbilical manufacturing customers better support their customer; this solution will offer more flexibility to the operator and installation contractor. This carousel is being built as an asset of Deep Down, Inc., and we will be providing the support services as a part of the contract to support a world leader in the design and manufacturing of steel umbilicals. The carousel is designed to be used onshore, on a transportation barge or on an installation contractor's subsea construction vessel."
About Deep Down, Inc.
We are an oilfield services company serving the worldwide offshore exploration and production industry. Our services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, flotation and drill riser buoyancy, ROVs and toolings. We support subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. Our primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. We provide these services through our four subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the company at (281) 517-5000, or ir@deepdowninc.com.
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.
