HOUSTON, April 18, 2018 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQX:DPDW), a specialist in complex deepwater oil and gas distribution equipment and services, today announced that it has secured orders totaling over $4 million for the installation of subsea equipment, from two new customers in South America.
The orders are for the planning, installation and commissioning of an umbilical and a flexible flow line, equipment that enables the transmission of controls, fiber optic communications, electricity and hydraulic and other fluids between surface installations and the clients’ subsea equipment. The projects include the engineering, procurement and construction of associated tie-in equipment and the rental of Deep Down installation equipment. Deployment is planned for the second and third quarters of 2018 in the Caribbean and South Pacific Ocean.
Ron Smith, Deep Down CEO, stated, “These awards highlight the success of our efforts to expand our customer base and geographic reach. We believe the large size of these initial contracts is also a testament to our growing reputation as a high quality, expert provider of cost-effective deepwater service and equipment solutions. We continue to actively pursue new business opportunities with new and existing customers and are encouraged by the increasing pace of offshore development discussions and planning.”
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.