Deep Down Consolidates Operations
HOUSTON, Aug. 27, 2012 /PRNewswire/ — Deep Down, Inc. (OTC QB: DPDW) (“Deep Down”), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services today announced that is has consolidated the operations of its ROV and related services group as part of its ongoing cost containment program. The consolidation of all operations and assets previously located in Morgan City, LA are now operating out of our Houston, TX facility.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, “After careful evaluation of all other options, we decided the best value for our shareholders was to consolidate all of our operations. We were able to reduce workforce by 10% and expect to recognize additional cost savings during the second half of 2012 and beyond. Our customers will benefit from increased visibility of these services and synergies in our operations.”
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 tooling, 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. More information about Deep Down is available at www.deepdowncorp.com.
Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties and that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company’s filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
SOURCE Deep Down, Inc.