HOUSTON, May 9, 2014 /PRNewswire/ -- Deep Down, Inc.
(OTCQX: DPDW) ("Deep Down"), an oilfield services company
specializing in complex deepwater and ultra-deepwater oil
production distribution system support services announced today its
wholly-owned subsidiary, Deep Down Brasil - Solucoes em Petroleo e
Gas, Ltda ("Deep Down Brasil"), has received an order for 3 units
of installation equipment, from the Brazilian division of a major
operator.
The equipment will be fully fabricated in Brazil, with locally sourced labor and raw
materials. Delivery is scheduled for later this year, with expected
offshore deployment before the end of the year.
Ron Smith, Chief Executive
Officer of Deep Down, Inc. stated, "This order affirms the
confidence that international operators have in Deep Down as a
company, and our ability to execute projects in different parts of
the world. It further serves as a testament of our commitment to
use local content in the various regions we operate, a practice we
intend to replicate as we expand our geographic presence."
About Deep Down, Inc.
Deep Down, Inc. 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 (LSFL), installation
buoyancy, ROVs 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. 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. More information about Deep Down is available at
www.deepdowninc.com.
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 and 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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SOURCE Deep Down, Inc.