Deep Down Highlights Major Role of Horizontal Drive Units Last update: 1/8/2008 10:00:00 AM HOUSTON, Jan 08, 2008 /PRNewswire-FirstCall via COMTEX/ -- Deep Down, Inc.'s (DPDW) proprietary Horizontal Drive Units (HDU) have played a major role and had a significant impact on offshore projects for various customers, during 2007, in the deployment and recovery of certain lighter-duty, flexible and not so flexible components of the subsea distribution system which connects offshore platforms to oil and gas wells on the ocean floor. First introduced in 1998, the HDU was developed by Deep Down as an alternative to industry-accepted vertical drive units to specifically enable substantially quicker, safer and more cost-effective installations of steel flying leads and specialty cables. The HDU eliminates the undesirable, and potentially hazardous, uneven tension experienced by steel flying leads and specialty cables during deployment and retrieval operations, as well as spooling, with vertical drive units. This uneven tension can often lead to balancing and other problems due to alternative cycles of slackening and tightening due to variability in the centrifugal forces that are experienced through a vertical drive unit. The use of Deep Down's HDUs also ensures quicker and safer non-permitted transportation of its proprietary Rapid Deployment Cartridges (RDCs), Subsea Deployment Baskets (SDBs) and carousels since these items can be placed on the HDU adapters with loads kept very low to the ground. After exceeding the expectations of its original design during several key installation projects over the past several years, the benefits of the HDU are receiving increasing attention in an accelerated fashion in the offshore market. Ron Smith, Deep Down CEO, said, "Our Horizontal Drive Units have made a significant contribution on subsea projects throughout the Gulf of Mexico. Installation contractors expend large amounts of capital to outfit their vessels with dedicated, high-tension deployment and recovery equipment required to put major systems in deep water. Ease of deployment, floor-space and safety are key considerations for these contactors. Our proprietary RDCs, SDBs and carousels can each be independently attached to the HDU. These additional components, including the HDU, can be stacked, thereby, saving valuable deck space on installation vessels. This is in stark contrast to the vertical drive units of our competitors, which are non-stackable and usually fixed and non-interchangeable. The ease of removing large terminations from the roof of our carousel or wings of our RDC, while attached to a crane as it turns the last two revolutions, is also a major advantage of the horizontal system. All these benefits combine to make our HDU, and its complementary, detachable RDCs, SDBs and carousels very attractive to our customers. We are proud of the support we have rendered in 2007, and we look forward to providing even more critical support to our customers in 2008." During 2007, our Horizontal Drive Units were used to perform deployment and recovery functions on the following projects:
1. Oceaneering Flying leads in Panama City Florida 2. Chevron Agbami flying leads for Subsea 7 3. Noble Energy Lost Ark 2 Composite Jumper for Saipem 4. BP King Pump Electrical Power flying lead and steel flying leads for Saipem 5. Noble Energy Lost Ark 1 flexible flowline Jumper for Saipem 6. Mariner Bass Lite Steel Flying leads for Technip 7. Independence Hub Steel Flying leads for Subsea 7 and for Anadarko 8. BP Thunderhorse Steel flying lead, ADCP, and RMS [define and name ADCP and RMS] 9. Chevron Agbami Flexible Flowline jumpers for FMC 10. Bluewater Gomez Steel flying leads for Drill Quip 11. New Field Steel flying lead
About Deep Down, Inc. Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project. The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems. The Company's Mako Technologies subsidiary 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), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys The Company's strategy is to consolidate service providers to the offshore industry, as well as designers and manufacturers of subsea, surface, and offshore rig equipment used by major, independent, and foreign national oil and gas companies in deep-water exploration and production of oil and gas throughout the world. Deep Down's customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit and One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
-------------------- Be kind, just learning! Posts: 130 | From: CA | Registered: Oct 2007
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posted
More News...WOW, 4th PR of the new year. It's going to be a good year!
Deep Down Announces Funding of Mako Technologies Acquisition 10 minutes ago - PR Newswire
Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced that it has closed on its anticipated additional $6,000,000 in debt financing with Prospect Capital Corporation to fund its acquisition of 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), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys.
As part of this funding, Deep Down paid $2,916,667 in cash, issued 6,574,074 restricted shares of common stock of Deep Down and paid off an aggregate of $917,676 in Mako bank debt. Up to $2,083,333 in cash and 4,695,767 restricted shares of common stock of Deep Down will be paid upon completion of an audit to verify adjusted EBITDA expectations for the fiscal year ending December 31, 2007.
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project. The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
The Company's strategy is to consolidate service providers to the offshore industry, as well as designers and manufacturers of subsea, surface, and offshore rig equipment used by major, independent, and foreign national oil and gas companies in deep-water exploration and production of oil and gas throughout the world. Deep Down's customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit http://www.deepdowninc.com and http://www.electrowaveusa.com
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
posted
And I'll be picking up the shares at the bottom. This is a good company and it will eventually rebound. If I can get bargain basement shares, I'll do it!
-------------------- Be kind, just learning! Posts: 130 | From: CA | Registered: Oct 2007
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quote:Originally posted by wes19c: Volume is all we need and this baby will FLY!
I think there is some MM conspiracy unknown to us. We should be going up.
There is some bigtime MM manipulation going on. It seems theres always an impenetrable wall sitting on the ask. Once we break the resistance its off we go!! patience is the key with this one.
Posts: 137 | Registered: Jan 2007
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Yes, I totally agree. While it's difficult to be patient when other stocks are moving around us, it is only a matter of time before this company is noticed by the big fish. DR is a good step and as I said before, any storms can bring major revenue to this company not to mention daily oil searches.
Posts: 2406 | Registered: Mar 2006
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quote:Originally posted by Stockstar69: Yes, I totally agree. While it's difficult to be patient when other stocks are moving around us, it is only a matter of time before this company is noticed by the big fish. DR is a good step and as I said before, any storms can bring major revenue to this company not to mention daily oil searches.
Exactly. I own quite a few shares of DPDW and i need to free up some money because there are some other short term plays i have found. Problem is, I'm afraid to sell any shares because anyday now this baby will run. So, alas, i play the waiting game. Time is on the side of the investor and i believe patience will be rewarded handsomely with this stock, jmho.
Posts: 137 | Registered: Jan 2007
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quote:Originally posted by Stockstar69: Yes, I totally agree. While it's difficult to be patient when other stocks are moving around us, it is only a matter of time before this company is noticed by the big fish. DR is a good step and as I said before, any storms can bring major revenue to this company not to mention daily oil searches.
Exactly. I own quite a few shares of DPDW and i need to free up some money because there are some other short term plays i have found. Problem is, I'm afraid to sell any shares because anyday now this baby will run. So, alas, i play the waiting game. Time is on the side of the investor and i believe patience will be rewarded handsomely with this stock, jmho.
Looks like we are in the same boat... Fortunately I have enough stocks dropping at the moment I can sell those and bounce around. Last week it was Caterpillar, Today it was Disney.
Posts: 2406 | Registered: Mar 2006
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posted
Great buy, IMO. I know it's beaten and down right now, but it's an excellent company with strong financials. I'm holding mine too. If I had some more liquidity, I'd be picking up shares too.
-------------------- Be kind, just learning! Posts: 130 | From: CA | Registered: Oct 2007
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quote:Originally posted by jrtfan: Great buy, IMO. I know it's beaten and down right now, but it's an excellent company with strong financials. I'm holding mine too. If I had some more liquidity, I'd be picking up shares too.
That's the tricky part...Having liquid cash when we really need it without having to sell something you really don't want to.
Posts: 2406 | Registered: Mar 2006
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posted
Had that problem today. I sold some SYDI at a nice profit to get into a quick RVGD, but it seemed worth it. I would have preferred to hold my position though.
-------------------- Be kind, just learning! Posts: 130 | From: CA | Registered: Oct 2007
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Deep Down Hires Corporate Controller Thursday January 24, 1:37 pm ET
HOUSTON, Jan. 24 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW - News) today announced that it has hired Michael Teal to fill the position of corporate controller. ADVERTISEMENT
With his MBA/CPA credentials, Mr. Teal brings significant experience in mergers and acquisitions, business development, business valuations, investment analysis, strategic planning, debt financing, equity issues, bank lines, and financial planning. His background has primarily been in the energy industry encompassing refining, natural gas, power generation, oil and gas exploration, marine services, and risk management. Since 1984, Mr. Teal has held various corporate-level positions in accounting, treasury, and corporate finance functions with major energy companies, most notably Valero Energy Corporation, The Coastal Corporation, and El Paso Corporation. Recently, he has provided consultation services to major Houston and Dallas corporations, including a position as Senior Consultant with Sirius Solutions.
"Mr. Teal fills a critical vacancy on our management team as we continue to prepare and position ourselves for further growth through mergers and acquisitions and internal operations. We are very excited about the skills Mr. Teal brings to our team. He will be responsible for the coordination and integration of the accounting activities of each of Deep Down's current and future subsidiary operations. Mr. Teal also has relevant experience with the policies and procedures for compliance with regulations promulgated by Sarbanes-Oxley. Our goal is to reach full compliance during 2008," commented Robert E. Chamberlain, Jr., Deep Down's Chairman and Chief Acquisitions Officer (CAO). About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project.
The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
The Company's Mako subsidiary 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), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys.
The Company's strategy is to consolidate service providers to the offshore industry, as well as designers and manufacturers of subsea, surface, and offshore rig equipment used by major, independent, and foreign national oil and gas companies in deep-water exploration and production of oil and gas throughout the world. Deep Down's customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit http://www.deepdowninc.com and http://www.electrowaveusa.com
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
-------------------------------------------------------------------------------- Source: Deep Down, Inc.
-------------------- dab Posts: 541 | From: North Hollywood | Registered: May 2006
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posted
This is good for several additional reasons.
DPDW no has a professional and experienced person leading them through the regulations and SOX compliance.
Would someone with so much experience really accept a position with a little know, sub dollar corporation unless they strongly thought the company was headed in the right direction?
Posts: 2406 | Registered: Mar 2006
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