Deep Down Receives Subsea Equipment Order Valued at Over $4 Million For Use Off The West Coast Of Africa
HOUSTON, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQX: DPDW) (“Deep Down”), a specialist in deepwater oil and gas production and distribution equipment and services, announced today that it has received an order for subsea distribution system equipment valued at over $4 million directly from a West African operator.
The order includes a full suite of Deep Down’s own Multi-Quick Connect (“MQC”) plates, which enable hydraulic and electrical connections between subsea control equipment from a variety of OEM’s. The equipment is for use on the second phase of a new field development off the west coast of Africa, and is scheduled for delivery in 2019. A portion of the MQC plates will be issued by the customer to other equipment manufacturers, for attachment to other subsea equipment in the same field. Deep Down is in ongoing talks with the operator for the installation services.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, “We are pleased that this customer has selected Deep Down subsea equipment again for mission-critical deepwater projects. Our MQC plates worked well during the first phase of the project, and we continue to explore additional partnerships for innovative full field developments with this operator for a variety of projects.”
About Deep Down, Inc. ( www.deepdowninc.com )Deep Down focuses on complex deepwater and ultra-deepwater oil and gas production distribution system technologies and support services, connecting the platform and the wellhead. 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, remotely operated vehicles 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.
Forward-Looking Statements 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 in 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.
Investor Relations:Catalyst IRChris Eddy or Tanya Kamatu212-924-9800 email@example.com
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