Deep Down Receives $4 Million Letter of Intent for Surface and Subsea Hardware
HOUSTON, April 22 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, today announced it has received a Letter of Intent (LOI) for an order valued in excess of $4 million for installation equipment, surface and subsea hardware in West Africa; the majority of the work is to take place in the third quarter of 2010.
Ronald E Smith, Chief Executive Officer, stated, "We are very pleased that as Deep Down products and services increase, so does the demand and the confidence bestowed on us by our clients. Deep Down's entire purpose is to provide the glue that helps bond these projects together so there is the highest level of safety and overall savings to the quality and efficiency by which the products are installed and services provided. We look forward to building on this project and pursuing other opportunities in the region with the assets we will be deploying for this project."
About Deep Down, Inc.
We are an oilfield services company serving the worldwide offshore exploration and production industry. Our services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, flotation and drill riser buoyancy, ROVs and toolings. We support subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. Our 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. We provide these services through our four subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the company at (281) 517-5000, or [email protected].
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.
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