Deep Down Operations in Gulf of Mexico
Deep Down, Inc. is an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services. In response to recent investor inquires, the company commented that the recently announced 180-day moratorium on exploration drilling in water depths in excess of 500 ft in the Gulf of Mexico has had no material negative impact on our current operations. However, we have seen an increase in activity in our operations related to cleanup and subsea monitoring in the U.S. Gulf of Mexico. Additionally, we do not envision that the Drilling Moratorium will have a material impact on the operations of Cuming Corporation. On May 3, 2010, we announced that we had entered into a conditional purchase agreement to acquire Cuming Corporation.
Deep Down to Acquire Cuming Corp.
Deep Down, Inc. (OTC Bulletin Board: DPDW), an oilfield services company specializing in products and services for the deepwater and ultra-deepwater oil and gas industry, announced entry into a conditional purchase agreement to acquire Cuming Corporation. Privately-held Cuming Corporation was founded in 1980 and is a manufacturer of buoyancy and insulation products with a range of deepwater oil & gas industry applications. Cuming's operations are complementary with those of Deep Down's Flotation Technologies subsidiary, which produces syntactic foam products for customers in the oil and gas, defense, scientific and industrial sectors.
Offshore: New Products at OTC
Sensotec's Model 424 & 425 Hammer Union pressure transmitter are rugged sensors designed specifically for use with 1502 and 2202, two-in. wing unions in the demanding environment of drilling installations. Typical high-pressure applications include mud logging, cementing, fracturing, acidizing, nitrogen pumping, and other upstream well servicing applications. The Model 425 is available in ranges from 0-5,000 to 15,000 psi. The Model 424 is available in ranges from 0-15,000 to 20,000 psi. Both the 425 and 424 deliver accuracy of 0.2% (BFSL). Standard output is 4-20 mA (2-wire) with a supply voltage of 9-28 VDC. Each unit is RFI / EMI protected. Operating temperature is from -45 to 200 degrees F. The "ESX" Power sections provide high torque at very low speed for mud motors.
