HOUSTON, June 09, 2020 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW) ("Deep Down"), a specialist in subsea oil and gas production control equipment and services, today announced that it has received material orders from two customers totaling approximately $2 million.
The scope of work for these orders includes providing subsea controls equipment consisting of jumpers, flying leads and an electrical/hydraulic distribution manifold. All of the equipment is scheduled to be completed before the end of 2020 and installed in the Gulf of Mexico and the Asia Pacific regions.
Charles Njuguna, Deep Down’s President and CEO, stated, “Despite the challenges presented by the global coronavirus pandemic and the recent weakness in oil prices, Deep Down remains committed to providing our customers with world-class products and services. We are pleased to have received these orders, and we look forward to continue building our relationships with these valued customers as our industry moves forward.”
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:
Trevor Ashurst
V.P. of Finance
281-862-2201
tashurst@deepdowninc.com