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Saturday, January 20, 2018

Deep Down News

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.

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.

Deep Down, Largest GOM Buoyancy Modules

Deep Down, Inc., an offshore service and technology company providing innovative subsea solutions for the world's energy and offshore industry, announced an approximate $1m order for the manufacture of 70 metric tons of buoyancy products for a major project in the Gulf of Mexico, with delivery slated for early 4th quarter 2009. The order will consist of two 26 metric ton buoys, one 12.4 metric ton buoy, and several smaller buoys. All of the buoys will be rated for 3000 meters, making them the largest buoyancy modules ever constructed for that depth. Further, the buoys will be constructed with central steel hardware capable of a 200 metric ton pass through load.

Deep Down Executes LOI to Acquire Mako Technologies

Deep Down, Inc. has executed a letter of intent (LOI) to acquire Mako Technologies, Inc. (Mako). Headquartered in Morgan City, Louisiana, Mako serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), subsea equipment, and diving support systems used in diving operations, offshore construction, and environmental/marine surveys.

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 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.

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 Constructs Carousel System

Deep Down, Inc. (OTC Bulletin Board: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, announced that it has completed the design and has begun construction of a 3,200 metric ton Carousel System, which is scheduled for completion early in the third quarter of 2010. Upon completion the Carousel System will be located in the Gulf Coast, to facilitate the handling of umbilicals from transportation vessels onto the Carousel, and with the ability to store up to three separate steel tube umbilicals for projects in the region.  

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.

Ocean Installer Appoints Head for New U.S. Office

Michael Newbury. Photo: Ocean Installer

Ocean Installer appointed Michael Newbury as President for its U.S. office, located in Houston, Texas. The office has been established to cater for projects run out of the US. Entering his new position in April 2013, Michael Newbury brings with him managerial experience and track record from the U.S. subsea industry. He comes from a position as Vice President for Operations and Business Development with the U.S.-based subsea contractor Deep Down, Inc. and has senior experience from the U.S. subsea industry, including Subsea 7 and Halliburton. The process of opening an Ocean Installer U.S.

Hollinger Joins Deep Down Board Member

Deep Down, Inc. (OTC Bulletin Board: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, announced that Mark R. Hollinger has joined its Board of Directors, effective April 12, 2010. Hollinger has joined the board as an independent director and was appointed Chairman of the Audit Committee of the Board of Directors. Hollinger is currently President of Offshore Solutions at MacDermid, Inc., which provides specialty fluids to hydraulic controls of valves in the offshore drilling and production systems, a position he has held since September 2007.

El Nino Signal is Weakening in the Pacific

The probability of El Nino, a warming of ocean surface temperatures in the eastern and central Pacific, developing this year has been downgraded by U.S. government forecasters as sea surface temperatures and wind speeds in the area remain close to their long-term averages. The Pacific saw a relatively rapid swing in late October from La Nina conditions - characterised as unusually cold temperatures in the equatorial Pacific Ocean - to neutral or even slightly El Nino-leaning conditions by March. Since then, however, the oceanic and atmospheric signals pointing to a possible El Nino have all weakened. The U.S. National Oceanic and Atmospheric Administration (NOAA) last week downgraded the probability of El Nino conditions being present in the fourth quarter of 2017, to just 36 percent.

Downed US Navy Aircraft Found in Philippine Sea

U.S. Navy file photo of a C-2A Greyhound (U.S. Navy photo by Kenneth Abbate)

A U.S. Navy team has located a C-2A Greyhound aircraft that crashed in the Philippine Sea on November 22. The downed aircraft rests at a depth of about 18,500 feet, making the salvage operation the deepest recovery attempt of an aircraft to date, the Navy said, adding it will make every effort will be made to recover the aircraft and fallen Sailors, despite very challenging conditions. Eight of the 11 crew and passengers on board were recovered immediately following the crash. For the next three days, the U.S.

Washington State Ferries Ridership at a 15-year High

(Photo: Washington State Dept of Transportation)

Washington State Ferries, the nation’s largest ferry system, carried nearly 24.5 million passengers in 2017, its highest ridership since 2002. Ridership increased for the ninth consecutive year and was up by more than 250,000 over 2016. “We expect our ridership to continue to grow as more people move to Western Washington,” said WSF head Amy Scarton. “As part of the state highway network, the ferry system is a critical link between more affordable housing on the west side of the sound and key employment centers on the east side.

Niger Delta Avengers: Attacks Against Nigeria's Oil Sector Coming

Nigerian militant group Niger Delta Avengers said on Wednesday it will launch attacks on the country's oil sector in the next few days.   "This round of attacks will be the most deadly and will be targeting the deep sea operations of the multinationals," it said in a statement on its website.   In November, the group, which attacked oil facilities in 2016, said it had ended a ceasefire.   Reporting by Tife Owolabi 

Turkey Reveals Route for New Canal to Ease Bosphorus Shipping

© Ilker Canikligil / Adobe Stock

Turkey announced on Monday the route for a planned canal that would reduce shipping traffic on the busy Bosphorus Strait and transform the European half of Istanbul into an island. Work on the 45-km (28-mile) Kanal Istanbul, linking the Black Sea and the Sea of Marmara west of the Bosphorus, will begin this year, Transport Minister Ahmet Arslan said, adding it formed part of Turkey's most expensive construction project. The Bosphorus is one of the world's busiest waterways with 42,000 vessels passing through in 2016 - compared with 16,800 that transited the Suez Canal in the same year.

Keppel FELS to Deliver KFELS Super B Class Jackup

Lady Sponsor Mrs Evelynn Worum (centre, in red) names Deep Driller 3 as Mr Michael Chia, Executive Director of Keppel FELS (to the right of Mrs Worum) and Mr Choo Chiau Beng, Chairman & CEO of Keppel O&M (extreme right) look on. Keppel FELS Limited (Keppel FELS) is on course to deliver another KFELS Super B Class jackup drilling rig to repeat customer, Sinvest ASA (Sinvest) on time and within budget. Mrs Evelynn Worum, Lady Sponsor and wife of Mr Geir Worum, Chairman of Sinvest, named the rig Deep Driller 3 at a ceremony on 14 October 2006 at Keppel FELS. The jackup drilling rig is the second of five KFELS Super B Class rigs that Keppel FELS is constructing for Sinvest. The first rig, Deep Driller 2, was delivered on time in April 2006.

Maersk Supply Service Wins Contract With Quadrant Energy

Photo: Maersk Supply Service

Maersk Master and Maersk Mariner, Maersk Supply Service’s two first Starfish-class anchor handling vessels built in 2017, will be on contract with Quadrant Energy in Western Australia, commencing March 2018. Both vessels will support Quadrant Energy’s Phoenix South and Van Gogh drilling campaign which will initially cover three wells for a duration of 150 to 200 days. The highly modern and efficient vessels will be supporting Transocean’s semi-submersible rig DD1 with supply and anchor handling duties throughout the campaign. “Quadrant Energy is an important customer.

CSO Deep Blue Delivered

Coflexip Stena Offshore said its new-built ultra deepwater pipelay and subsea construction vessel, the CSO Deep Blue, was delivered on March 1, by Hyundai Mipo Dockyards after is successfully completed sea trials. CSO Deep Blue - at the time of the release -- was sailing to the Netherlands, where her unique CSO designed pipelay equipment, will be installed. This pipelay system will allow the vessel to lay rigid pipe (reeled and J-Lay), flexible pipe, and umbilicals down to 8,200 ft. (2,500 m), offering CSO clients the full range of products and installation options for their deep and ultra deepwater developments. The vessel is to begin operations during summer 2001 after sea trials with her pipelay equipment.

CSO Deep Blue Delivered

Coflexip Stena Offshore said its new-built ultra deepwater pipelay and subsea construction vessel, the CSO Deep Blue, was delivered on March 1, by Hyundai Mipo Dockyards after is successfully completed sea trials. CSO Deep Blue – at the time of the release — was sailing to the Netherlands, where her unique CSO designed pipelay equipment, will be installed. This pipelay system will allow the vessel to lay rigid pipe (reeled and J-Lay), flexible pipe, and umbilicals down to 8,200 ft. (2,500 m), offering CSO clients the full range of products and installation options for their deep and ultra deepwater developments. The vessel is to begin operations during summer 2001 after sea trials with her pipelay equipment.

Port Hedland to Reopen as Cyclone Fades

File Image (CREDIT: AdobeStock / (c) mode list)

Australia's Port Hedland iron ore terminal will likely reopen on Saturday after Australia's weather bureau cut the forecast strength of a cyclone bearing down on the continent's far northwest, the port's operator said on Friday. Cyclone Joyce, a Category 1 storm, is holding just off the beaches of Pilbara iron ore belt, prompting the overnight closure of the world's biggest iron ore export terminal, 1,700 km (1,050 miles) north of Perth, as a safety precaution. Shipping operations are expected to resume at 6 a.m. Saturday (2200 GMT Friday) should weather conditions improve.

New CEO for Deep Sea Supply

Image: Deep Sea Supply

Deep Sea Supply, a Cyprus headquartered owner of offshore support vessels, has appointed Jon Are Gummedal as new CEO of the company,  says a statement from the company. Gummedal has worked with Deep Sea Supply since January 2014 as Technical Director with the responsibility of the technical management and crewing of the fleet operating worldwide. He was previously Technical Director at Wilson, responsible for a fleet of 86 vessels. He has more than 13 years experience in the industry, the last 7 in higher management positions.

LME Certification for Port of Amsterdam

Photo: Port of Amsterdam

Port of Amsterdam was awarded an LME certification this week by the London Metal Exchange (LME). From now on, Amsterdam is listed as a goods delivery point for aluminium, aluminium alloy, lead, nickel, tin and zinc. This will enable our terminals and forwarding companies to strengthen their position in the ferro and non-ferro markets for short and deep sea. The application for the certification was submitted by Port of Amsterdam to the London Metal Exchange (LME) in November 2017. The arrival of two ship-to-shore gantry cranes at HCT in the summer of 2017 made this application complete.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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