HOUSTON, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW) ("Deep Down" or “Company”), a specialist in subsea oil and gas production control equipment and services, has been awarded a contract for the rental of its 3,400 metric ton carousel and associated umbilical spooling services.
The project includes mobilizing the Company’s 3,400 metric ton carousel to transpool up to four umbilicals from an umbilical manufacturer’s reels and subsequently transpool the umbilicals in preparation for offshore installation in the Gulf of Mexico. Deep Down’s experienced engineering team will also provide the necessary planning, supervision, and specialized equipment required to ensure a successful spooling campaign.
The estimated value of the contract is between $0.7 million and $1.0 million, and all activities are expected to be complete by the end of 2021.
“This award further solidifies Deep Down’s reputation as the provider of choice when our customers need unique solutions for their offshore installation challenges,” said Charles Njuguna, President and CEO of Deep Down, Inc. “We are especially pleased to be rekindling longstanding relationships with both a super major and a major equipment manufacturer and look forward to working together on this project,” 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 loose-tube steel flying leads, infield umbilicals, umbilical terminations and other subsea distribution system installation support and engineering services. 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
