Subsea Operators 'Deep Down' Posts Profit in Q2 2012
Modified EBITDA increases 86% to $1.4 million
 in latest Deep Down Inc. financial report. Deep Down, Inc., an oilfield services company specializing in products and services for the deepwater and ultra-deepwater oil and gas industry, report net income of $639 thousand for the second quarter of 2012, an improvement of $685 thousand over the same period in 2011. Ronald E. Smith, Chief Executive Officer stated, "This was the Company's strongest second quarter performance since 2007. We are extremely satisfied with what our subsea solutions business was able to achieve in the second quarter of 2012. We added approximately $6.3 million to backlog bringing total current backlog to approximately $17.7 million. Deep Down, Inc.
Deep Down Reports Q1 2011 Results
Deep Down, Inc. (OTC Bulletin Board: DPDW) (“Deep Down” or the “Company”), an oilfield services company specializing in products and services for the deepwater and ultra-deepwater oil and gas industry, today announced a net loss of $1.8 million for the first quarter of 2011, an improvement of $0.7 million, or 28%, over the same period in 2010. For the first quarter of 2011, Deep Down reported a net loss of $1.8 million, or $0.01 loss per diluted share, compared to a net loss of $2.5 million, or $0.01 loss per diluted share, in the first quarter of 2010.
Deep Down - $11.1m Contract
Deep Down, Inc. announced that it has received an executed $11.1m contract from Delba Drilling International Cooperatie U.A. to supply and install the deepwater marine drilling riser flotation system for the new-build Delba III semisubmersible drilling rig. The original letter of intent, initially estimated at $9m, was received May 23, 2008. The increase in the value of the contract is reflective of engineering changes to satisfy additional lift requirements. The Delba III semisubmersible drilling rig is rated to drill in 7,874 ft of water and is readily upgradeable to 8,858 ft. The Delba III has long-term contracts to drill in Brazilian waters. The rig set of flotation for the Delba III is scheduled to be delivered by early 2010.
