Deep Down Secures $4.4M in Orders for Deep Water Oil & Gas Production Services and Equipment in the Gulf of Mexico
HOUSTON, March 12, 2019 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQX: DPDW ), a specialist in deep water oil and gas production and distribution equipment and services, announced today that it has secured $4.4 million in orders for flying leads and associated equipment, and offshore installation services for the Gulf of Mexico. The orders include over $1 million in offshore services for a new international customer. Deep Down expects to complete all of the work during the first half of 2019.
Deep Down CEO Ron Smith, stated, “Though we experienced some delays in customer activity in the latter part of 2018, we are seeing encouraging signs of industry activity so far in 2019. We are gratified that Deep Down’s deep-water expertise, service capabilities and our product innovation and quality, continue to be recognized by leading operators around the globe. We are hard at work on a range of additional procurement opportunities for both new and existing customers, and are cautiously optimistic in our business outlook for the balance of 2019.”
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.
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