Deep Down Signs Multi-Year Agreement and Receives Order in Excess of $1.7 Million
HOUSTON, March 12, 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 signed a three (3)-year frame agreement, with optional one (1)-year extensions, with a major international OEM for the purchase of goods and services, including the manufacture of steel tube flying leads. The first order Deep Down received under this frame agreement was in excess of $1.7 million for the manufacture of steel tube flying leads for a project offshore Australia. Delivery is scheduled during the fourth quarter 2013.
“This agreement marks a significant milestone for Deep Down to be recognized as an industry leader in the manufacturing of steel tube flying leads” Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, “we look forward to continue building this relationship and supporting our customer in the future.”
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.