Deep Down Receives Umbilical Support Order from Shell Trinidad and Tobago
HOUSTON, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB:DPDW) ("Deep Down"), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services announced today that it has received an order for umbilical support services directly from Shell Trinidad and Tobago.
The order is for the design, fabrication, project management, and installation support for an umbilical repair/replacement package to restore communications to the Poinsettia Deep Well offshore Trinidad and Tobago. Offshore operations will likely occur in Q1 ’20.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, "This award further highlights the success of our efforts to continue expanding our customer base internationally, especially in the provision of inspection, maintenance and repair solutions.”
About Deep Down, Inc. (www.deepdowninc.com) Deep Down focuses on complex deepwater and ultra-deepwater oil and gas production distribution system technologies and support services, connecting the platform and the wellhead. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, installation buoyancy, remotely operated vehicles and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions.
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.
