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Deep Down Announces $5.5 Million Buoyancy Order
Deep Down Announces $5.5 Million Buoyancy Order
HOUSTON, May 9 /PRNewswire-FirstCall/ -- Deep Down, Inc.
(OTC Bulletin Board: DPDW) today announced that Flotation Technologies, Inc.,
a world leader in the engineering, design, and manufacturing of deepwater
buoyancy and polyurethane elastomer systems, received a contract award for a
unique, custom-designed riser buoyancy solution from an international energy
company. The $5.5 million contract is expected to be delivered in the third
and fourth quarters of 2008. The client and product are confidential due to
the nature of the project.
On April 17, Deep Down announced a definitive agreement to purchase all of
the outstanding capital stock of Flotation Technologies, Inc. "We are very
excited about the future of Flotation Technologies. We believe the 'cost of
ownership' of many of its products is attractive due to lower maintenance,
repair, and replacement requirements after installation. Buoyancy will become
more important as the offshore energy industry continues its trend toward
exploration and development activities in ultra-deep waters," commented Ronald
E. Smith, Deep Down's president and CEO.
"This product is a solid example of the application of our engineering
capabilities to create solutions for our customers' needs," commented David
Capotosto, Flotation Technologies' executive vice-president. "Additionally,
the contract highlights our ability to take engineering solutions and produce
them in volume, with aggressive timelines."
"We are pleased to have been chosen as the contractor for this project,"
commented Fred Maguire, Flotation Technologies' sales and marketing manager.
"It once again shows that Flotation Technologies has the design, engineering,
and manufacturing capabilities to provide innovative, market-changing product
solutions."
About Flotation Technologies
Flotation Technologies, Inc., based inBiddeford, Maine, is a world leader
in the engineering, design, and manufacturing of deepwater buoyancy systems
using high-strength Flotec(TM) syntactic foams and polyurethane elastomers.
Focused on the offshore oil, oceanographic, seismic, and government markets,
Flotation Technologies delivers world-class buoyancy products for a host of
marine applications such as: distributed buoyancy for flexible pipes and
umbilicals, drilling riser buoyancy modules, ROV buoyancy, QuickLoc(TM) cable
floats, Hardball(TM) umbilical floats, FLOTECT(TM) cable and pipeline
protection, Inflex(TM) polymer bend restrictors, and installation buoyancy of
any size and depth rating. For more information, visit http://www.flotec.com.
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions,
installation management, engineering services, support services, custom
fabrication and storage management services for the offshore subsea control,
umbilical, and pipeline industries. The company fabricates component parts of
subsea distribution systems and assemblies that specialize in the development
of subsea fields and tie backs. These items include umbilicals, flow lines,
distribution systems, pipeline terminations, controls, winches, and launch and
retrieval systems, among others. Deep Down provides these services from the
initial field conception phase, through manufacturing, site integration
testing, installation, topside connections, and the final commissioning of a
project.
The Company's ElectroWave subsidiary offers products and services in the
fields of electronic monitoring and control systems for the energy, military,
and commercial business sectors. ElectroWave designs, manufactures, installs,
and commissions integrated PLC and SCADA based instrumentation and control
systems, including ballast control and monitoring, drilling instrumentation,
vessel management systems, marine advisory systems, machinery plant control
and monitoring systems, and closed circuit television systems.
The Company's Mako subsidiary serves the growing offshore petroleum and
marine industries with technical support services, and products vital to
offshore petroleum production, through rentals of its remotely operated
vehicles (ROV), topside and subsea equipment, and diving support systems used
in diving operations, maintenance and repair operations, offshore
construction, and environmental/marine surveys.
The Company's strategy is to consolidate service providers to the offshore
industry, as well as designers and manufacturers of subsea, surface, and
offshore rig equipment used by major, independent, and foreign national oil
and gas companies in deep-water exploration and production of oil and gas
throughout the world. Deep Down's customers include BP Petroleum, Royal Dutch
Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation,
Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee
Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International,
Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine
Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker
Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco,
among others. For further company information, please visit
http://www.deepdowninc.com, http://www.electrowaveusa.com and
http://www.makotechnologies.com.
One of our most important responsibilities is to communicate with
shareholders in an open and direct manner. Comments are based on current
management expectations, and are considered "forward-looking statements,"
generally preceded by words such as "plans," "expects," "believes,"
"anticipates," or "intends." We cannot promise future returns. Our
statements reflect our best judgment at the time they are issued, and we
disclaim any obligation to update or alter forward-looking statements as the
result of new information or future events. Deep Down urges investors to
review the risks and uncertainties contained within its filings with the
Securities and Exchange Commission.
SOURCE Deep Down, Inc.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
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