Deep Down Awarded Patent for New Subsea J-Plate Design
Mar 24, 2009 10:35:00 AM
View Additional ProfilesHOUSTON, March 24 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced that it has been awarded a patent [number 7,467,662 B2] by the United States Patent and Trademark Office. This new patent relates generally to undersea wells and more particularly to a method and apparatus for installing a subsea umbilical.
Traditional installation of an undersea umbilical involves a J-plate on the termination end of the umbilical which includes center locking mechanisms such as drive screws, collet connectors or tri-locks, located on the J-plate. These locking mechanisms are expensive and complicated. In the Company's continuing quest to provide the offshore industry with quicker, safer and more cost-efficient solutions, Deep Down has designed a simpler J-plate installation procedure utilizing a ROV manipulator-held running tool called the flying-lead-installation-running-tool (FLIRT). The newly patented design eliminates the damage prone acme screw thread and collet locking mechanisms and associated complex mechanical override systems of traditional J-plates. The simpler, easy-to-operate, and highly reliable ROV-enabled locking mechanism in Deep Down's J-plate yields significant cost savings compared to traditional designs. The new design has interconnectivity with all manufacturers of umbilical and subsea distribution systems. This makes subsea reconfiguration possible without retrieving the flying lead. This is accomplished by inserting an intermediate plate between the inboard and outboard J-plates. In addition to significant savings for the cost of the Company's new J-plates, Deep Down management believes its customers can experience a reduction in installation time for J-plate connections of up to 50%.
"We believe simpler, more effective engineering designs naturally reduce component costs, improve useful service-life, and are inherently more reliable during installation and operation. As we move into deeper water, system reliability can drop as costs increase exponentially. Our quest for offshore solutions is driven by the 'simpler-is-better' philosophy," said Ronald E. Smith, Deep Down's President and CEO. "Demand for our distribution system product and service solutions has grown tremendously, as our clients recognize the superior handling characteristics of our flying leads, associated subsea hardware, and installation equipment used in the delivery of our subsea solutions. We remain committed to providing the most efficient, cost effective, and reliable subsea solutions in the industry," Smith concluded.
About Deep Down, Inc.
Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, distributed and drill riser buoyancy, ROVs and ROV tooling, as well as marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. The company's 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. Deep Down provides these services through its 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.
SOURCE Deep Down, Inc.
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Steven Haag
Investor Relations of Deep Down
Inc.
+1-281-517-5000
ir@deepdowninc.com
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