HOUSTON, Oct. 7 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) announced today that it has been awarded a contract in excess of $600,000 to provide Steel Tube Flying Lead (SFL) installation equipment to a European Installation Contractor for a project scheduled for late 2009 or early 2010 off the coast of Ghana, West Africa. This award comes on the heels of the previous Deep Down award for 39 Steel Tube Flying Leads (SFL) from the Operator of the same project announced on May 4, 2009.
Deep Down will provide design support, engineering, and manufacturing of the Horizontal Drive Unit (HDU), Hydraulic Power Unit (HPU) and 20 patent pending Rapid Deployment Cartridges (RDC). Deep Down's Channelview, Texas facility, which is manufacturing the Steel Tube Flying Leads, will also be utilized for this installation work; including the spooling of the Steel Tube Flying Leads onto the Rapid Deployment Cartridges as they are coming off the production line and prepared for shipment.
"Deep Down is first and foremost a subsea solution provider. Our equipment, services, and manufacturing capabilities, coupled with over 12 years of subsea project experience, specifically as Deep Down, Inc., are critical ingredients that allow us to be involved on many levels of the offshore contracts. It is not uncommon for Deep Down to work for the Operator, Installation Contractor and in some cases, the Engineering firms under one project," commented Ronald E. Smith, Deep Down's President and Chief Executive Officer.
About Deep Down, Inc.
Deep Down, Inc. (OTC BB: DPDW.OB) is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, distributed and drill riser buoyancy, ROVs and ROV tooling, as well as 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. The company's primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. Deep Down provides these services through its three subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the Company at (281) 517-5000, or ir@deepdowninc.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.
