HOUSTON, April 7, 2008 /PRNewswire-FirstCall/ -- Deep Down, Inc. (BULLETIN BOARD: DPDW) announced today that it has shipped $1.5 million worth of products for the Phoenix project, including six next generation Loose-tube
Steel Flying Leads (LSFLs). Additional revenue will be generated through installation support at a later date.
Several of these LSFLs contain fifteen (one-half inch) Super Duplex steel tubes. The LSFLs were delivered to the customer and incorporated into a successful Systems Integration Test program. The LSFLs possess newly engineered and improved features that are so significant in the evolution of steel flying leads that Deep Down is applying for patents. The newly improved design of the LSFLs makes these much easier to install. Quicker, easier, ROV-based installations translate into significant cost savings for Deep Down's customers.
Deep Down also delivered four Electrical Hydraulic Compliant Moray(TM) Umbilical Termination Heads, which were terminated to the end of steel tube umbilicals. The use of Electrical Hydraulic Compliant Moray Umbilical Termination Heads allows full sized umbilicals to be plugged directly into subsea trees by a remote operated vehicle, thus eliminating the need for large Umbilical Termination Assemblies (UTA). The unique Umbilical Termination Head design translates into additional cost savings and is ideal for single well tie-backs or long extension umbilicals.
Deep Down will deliver the LSFLs on its proprietary Subsea Deployment Baskets (SDB). The installation contractor is considering installing the LSFLs with Deep Down's recently introduced subsea deployment method because of its effectiveness in reducing installation time. The use of SDBs also reduces the risk for safety incidents by reducing the amount of personnel time needed to deploy LSFLs over a lay chute versus the seconds it takes to overboard a SDB into the water.
"Our personnel have been instrumentally involved in the design, manufacture, and installation of steel flying leads since the initial concept. We are committed to the introduction of new concepts to improve the design, function, and cost of steel flying leads to assist our customers in the production of deepwater reserves," commented Ronald E. Smith, Deep Down's President and Chief Executive Officer.
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.
Web site: http://www.deepdowninc.com/
http://www.electrowaveusa.com/
http://www.makotechnologies.com
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