Deep Down Receives $1.5 Million Order for Umbilical Jumpers
HOUSTON, May 7, 2013 /PRNewswire/ — Deep Down, Inc. (OTCQX: 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 an order from a major international controls manufacturer for the manufacture and deployment of specialized short umbilical jumpers worth in excess of $1.5 million. The order is for the first phase of a large gas project on the Northwest coast of Australia; delivery is scheduled for the fourth quarter of 2013.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, “This award offers proof that our clients are increasingly coming to us to provide intricate and specialized connection strategies. We are confident that by working together with our clients on these specialized projects, the result will be a solution that is more reliable and much easier to install. It is a prosperous relationship that is continuing to grow on a daily basis.”
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 (LSFL), 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.