Deep Down Receives $1.7 Million Equipment and Services Order
HOUSTON, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW) ("Deep Down"), a specialist in subsea energy equipment and services, today announced the receipt of an order for installation equipment and services valued at more than $1.7 million. All activities are currently scheduled to be complete by the end of 2022.
The project includes the installation of Deep Down built equipment whose final destination is the Gulf of Mexico, with part of the scope being performed in collaboration with other contractors at an overseas facility.
“This award highlights the continued confidence our customers place in our team’s ability to provide integrated solutions that span the design, engineering, manufacturing and installation of subsea production equipment,” said Charles Njuguna, president and CEO of Deep Down, Inc. “With the easing of travel restrictions across the globe, we maintain the ability to deploy our highly experienced teams anywhere in the world in support of our customers’ projects,” he added.
About Deep Down, Inc. (www.deepdowninc.com)
Deep Down is a leading energy services company offering subsea equipment and support services to the world’s energy and offshore industries. Deep Down provides innovative solutions to complex customer challenges presented between the production facility and the energy source. Deep Down’s core services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, and related services. Additionally, Deep Down’s highly experienced team can support subsea engineering, manufacturing, installation, commissioning, and maintenance projects located anywhere in the world.
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
