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Deep Down Receives Carousel Rental Order

Written by Customer Service on . Posted in Public Companies.

HOUSTON, March 23, 2021 (GLOBE NEWSWIRE) — Deep Down, Inc. (OTCQB: DPDW) (“Deep Down”), a specialist in subsea oil and gas production control equipment and services, received an order for the rental of its 3,500 metric ton carousel and associated umbilical spooling services.

The project includes the mounting and sea-fastening of Deep Down’s carousel onto a customer-provided barge, trans-spooling of three umbilicals from an umbilical manufacturer’s facility onto the barge-mounted carousel, transportation of the fully loaded carousel to a secondary spool base, and the subsequent trans-spooling of the umbilicals from the barge-mounted carousel to an installation vessel’s carousel. DDI will also engineer and manufacture structures for each of the umbilical terminations to be secured to during the spooling and transit operations.

The estimated value of the contract is between $1.5 and $2 million, and all activities are expected to be complete by the end of the third quarter of 2021.

“This award solidifies Deep Down’s reputation as a provider of unique solutions, as evidenced by our team’s innovative approach to barge-mounting a carousel” said Charles Njuguna, President and CEO of Deep Down, Inc. “Being able to place one of our carousels into service in the current market environment provides us with cautious optimism for a gradual improvement in the industry’s prospects,” Mr. Njuguna added.

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
VP of Finance
tashurst@deepdowninc.com

 

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