HOUSTON, May 9 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced that Flotation Technologies, Inc., a world leader in the engineering, design, and manufacturing of deepwater buoyancy and polyurethane elastomer systems, received a contract award for a unique, custom-designed riser buoyancy solution from an international energy company. The $5.5 million contract is expected to be delivered in the third and fourth quarters of 2008. The client and product are confidential due to the nature of the project.
On April 17, Deep Down announced a definitive agreement to purchase all of the outstanding capital stock of Flotation Technologies, Inc. "We are very excited about the future of Flotation Technologies. We believe the 'cost of ownership' of many of its products is attractive due to lower maintenance, repair, and replacement requirements after installation. Buoyancy will become more important as the offshore energy industry continues its trend toward exploration and development activities in ultra-deep waters," commented Ronald E. Smith, Deep Down's president and CEO.
"This product is a solid example of the application of our engineering capabilities to create solutions for our customers' needs," commented David Capotosto, Flotation Technologies' executive vice-president. "Additionally, the contract highlights our ability to take engineering solutions and produce them in volume, with aggressive timelines."
"We are pleased to have been chosen as the contractor for this project," commented Fred Maguire, Flotation Technologies' sales and marketing manager. "It once again shows that Flotation Technologies has the design, engineering, and manufacturing capabilities to provide innovative, market-changing product solutions."
About Flotation Technologies
Flotation Technologies, Inc., based in Biddeford, Maine, is a world leader in the engineering, design, and manufacturing of deepwater buoyancy systems using high-strength Flotec(TM) syntactic foams and polyurethane elastomers. Focused on the offshore oil, oceanographic, seismic, and government markets, Flotation Technologies delivers world-class buoyancy products for a host of marine applications such as: distributed buoyancy for flexible pipes and umbilicals, drilling riser buoyancy modules, ROV buoyancy, QuickLoc(TM) cable floats, Hardball(TM) umbilical floats, FLOTECT(TM) cable and pipeline protection, Inflex(TM) polymer bend restrictors, and installation buoyancy of any size and depth rating. For more information, visit http://www.flotec.com.
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, http://www.electrowaveusa.com and http://www.makotechnologies.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.
Market Data 
Markets 
AI
