Deep Down Receives Orders in Excess of $4 Million in Brazil
HOUSTON, March 4, 2013 /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 it has received orders totaling more than $4 million for equipment and services for deepwater projects offshore Brazil.
The first order is from a major international oil and gas operator for the manufacture of subsea equipment to be delivered in the second quarter of 2013. The second order is from a major international installation contractor for deployment of highly specialized subsea equipment during the second quarter of 2013.
“We are delighted to have the opportunity to support our customers in Brazil,” Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, “these projects represent the first time Deep Down has performed work and built subsea equipment for Brazil and we will strive to become the go-to guys for these services in Brazil and elsewhere in the world.”
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, installation 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.