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.
Subsea 7 Wins Chevron GOM Contract
Subsea 7 S.A., a global leader in seabed-to-surface engineering, construction and services, announced the award of an engineering and installation contract by Chevron U.S.A. Inc. for Tahiti Phase 2 development in the Gulf of Mexico. The Subsea 7 workscope is to install one 7.5” x 13,000ft long flexible riser, one 4” x 4,500ft long umbilical, five rigid well jumpers, 10 electrical flying leads (EFL) and seven steel flying leads (SFL). Subsea 7 will also transport the flexible riser from Le Trait, France to the Gulf of Mexico. The engineering work will commence immediately at Subsea 7’s Houston office. The installation of the flexible and umbilical will take place Q3, 2011 with the five well tie-ins occurring through to mid 2012.
Deep Down Reports Results
Deep Down, Inc. announced unaudited results for the first quarter ended March 31, 2008, on Form 10-Q filed with the U.S. Securities and Exchange Commission. Deep Down generated revenue of $6,279,465 for the three months ended March 31, 2008, compared to $2,098,394 for the three months ended March 31, 2007, an increase of $4,181,071 or 199%. Increased activity from Deep Down’s offshore subsea business, including service activity related to installation and recoveries of subsea equipment, the delivery of launch and recovery systems, loose tube steel flying leads, winch system refurbishments, and an active heave compensated in-line winch system accounted for $4,293,820 of this revenue, an increase of $2,195,426, or 105% over the same prior year period.
