Deep Down Receives Orders for Emergency Repairs to Subsea Oil and Gas Umbilicals
HOUSTON, Jan. 10, 2020 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW), a specialist in subsea oil and gas production control equipment and services, today announced that it has received orders from two independent oil and gas operators for emergency umbilical repairs. Both projects include design, engineering and the manufacture of associated umbilical accessories.
Umbilicals are bundled and extruded assemblies of small-bore metal tubes or hoses, electrical cables, and fiber optic cables. They are used to supply hydraulic, electrical, and fiber optic controls, as well as chemical injection to subsea oil and gas wells, manifolds or other subsea systems from the surface production platform.
One solution is for a damaged umbilical, which will be retrieved, repaired and reinstalled in the US Gulf of Mexico. Deep Down will provide the umbilical termination assemblies, in addition to decommissioning, terminating and commissioning the recovered umbilical. This work is scheduled to be completed on an expedited schedule during the first quarter of 2020.
The second solution is for the replacement of a leaking gas lift flowline off the west coast of Africa. Deep Down will modify and install two umbilicals from a floating production storage and offloading unit (FPSO) to an existing platform. The solution will include topside terminations, in addition to installation equipment and services. This work is scheduled to be completed during the second quarter of 2020.
Charles Njuguna, Deep Down’s President and CEO, stated, “These awards from two new customers resulted from revitalized efforts to expand our customer base by highlighting our unique expertise, experience and problem solving capabilities for subsea and topside oil and gas production challenges.
About Deep Down, Inc. (www.deepdowninc.com) Deep Down focuses on complex deepwater oil and gas production distribution system technologies and support services enabled by its highly experienced service teams and engineered technological solutions. Deep Down solutions include loose-tube steel flying leads, umbilical terminations, riser and subsea isolation valve systems, subsea distribution system installation support and engineering services, and subsea equipment repairs and maintenance.
Forward-Looking Statements Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
