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Deep Down Inc News

08 Apr 2013

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.

10 Aug 2012

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.

19 May 2011

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.

22 Jun 2010

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.

04 May 2010

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.

27 Apr 2010

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.

12 Apr 2010

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.

01 Oct 2009

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.

02 Dec 2008

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.

21 May 2008

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.

22 Jun 2007

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.