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Deep Down specializes in the provision of installation management, engineering services, support services and storage management services for subsea controls, umbilicals and pipeline industries offshore. The Company also fabricates component parts for subsea distribution systems and assemblies that specialize in the development of offshore subsea fields and tie backs. These items include umbilicals, flowlines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems. Deep Down provides these services from the initial field concept phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of projects. Its products and services serve the offshore industry and are used in deep-water exploration and production of oil and gas. Deep Down is situated to serve clients both internationally and in the Gulf of Mexico.
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From a well respected poster on IHUB named BRIKK
hi johnnyrock, i think you need to sell some of your dogs and put a nice chunk of DPDW in your hurricane basket. diversification is good, but this is about quality, not quantity.
deep down's management has it written into an SEC filing that they won't dilute for at least one year, and i can't think of any other hurricane play that has made such a pledge. the share structure is also tighter than any other stock in the group (a mere 6M float) plus, to top it all off, they have a long list of world-class major oil clients:
actually a recent PR lists even more huge international clients, like technip, symbol TKP, which is one of the largest offshore services companies in the world (7.76B market cap!) how many penny stocks do you know of with clients like these?
and how many other penny hurricane plays are on track to make 15-20M in revenues by the end of the year..?
i've done some deep DD here, and imo this is as good as it gets. since deep down manufactures and deploys the fragile and expensive connections between an oil rig and its undersea wellheads, DPDW makes money even if a hurricane doesn't make landfall. once again, there's no other stock like it in this group.
oh, and one more thing: when the end of the season is coming, and all the other hurricane stocks are selling off, imo this one is going to keep on running. their stated goal is to acquire as many offshore service providers as possible, and they already have one: electrowave USA. stay tuned... much more to come..!
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Management's Pledge to the SEC of No Dilution:
from the 8-K/A, 11/24/06:
SECTION 6.05. Obligations of Shareholder. Shareholder, on behalf of new management of MediQuip, unconditionally agree: (i) to refrain from the issuance of any securities pursuant to a registration statement on Form S-8 for a period of 12 months from and after the Effective Time (ii) not to change the number of issued or outstanding shares of capital stock of MediQuip by a stock split, stock dividend, combination, reclassification, reverse stock split, combination or reclassification of shares or other similar event for a period of 12 months from and after the Effective Time, and except as a condition to a listing of common stock on a national exchange, in which event the limitation period will be 6 months (iii) not to issue any equity securities to any person, firm or corporation for any purpose whatsoever for consideration less than the fair market value applicable to the nature of the transaction of such securities, and (iv) not to file a registration statement with the Securities and Exchange Commission on Form SB-2 or other similar form covering secondary offering of and class of equity securities prior to the expiration of 6 months from and after the Effective Time.
HOUSTON, May 17 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW - News) today announced its recently acquired ElectroWave USA electronic monitoring and control business has so far this month received orders totaling approximately $800,000.
The offshore petroleum and marine electronic system orders included projects for Transocean, the world's largest offshore drilling contractor, and Diamond Offshore Drilling, Inc., a leading deepwater offshore drilling contractor operating one of the largest fleets of offshore drilling units in the world.
"We are pleased that our customers are taking advantage of the synergy provided by ElectroWave's innovative electronic monitoring solutions, which are now helping to fuel unprecedented growth in our sales orders," commented Ron Smith, Deep Down's chief executive officer. "I believe this demonstrated performance by ElectroWave lends validation to our strategy of corporate expansion through both organic growth and further acquisitions of offshore and marine industry service providers."
"The orders received included two closed-circuit television systems (CCTV) for installation on semi-submersible drilling rigs," commented Ron Nance, ElectroWave's executive vice-president. "These systems include a newly developed touch-screen control system that is contained in a purged enclosure for use in Class 1, Div 1, hazardous environments to provide drill operators the same functionality as a standard joystick controlled keyboard.
"These CCTV installations are similar in scope to the systems the Company previously designed and installed on three of New York City Department of Transportation's 4400 passenger Kennedy class ferries. This new technology will soon be marketed to the entire CCTV industry for use in hazardous environments," concluded Nance.
"ElectroWave also received three drill monitoring system orders for installation on semi-submersible drilling rigs," commented Amber Singsayachack, ElectroWave's vice-president in charge of drill display programs.
"We already expect additional orders this month from both the ElectroWave and Deep Down divisions. With the current offshore oil and gas industry growth rate gaining significant momentum due to the world's increasing petroleum requirements, I believe the company will experience record growth during 2007," Smith concluded.
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.
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I've been in this since last year. This is one of the most solid plays on the Bulletin Board stocks. This is an investment, not just a flip. This company is growing organically and through acquistions.
-------------------- dab Posts: 545 | From: North Hollywood | Registered: May 2006
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Yes, very good stock to be in. Q and PRs next week should push this much higher.
Posts: 282 | From: Atlanta Ga. | Registered: Apr 2005
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.60 huh? I see dollarville in the summer. Check out the PR about Electrowave. They are gonna make mucho money. Also, they pledge to SEC that they will not dilute x 1 year. Boooyah!
What a great hire for Deep Down. This guy has a most impressive resume.
5-Jun-2007
Change in Directors or Principal Officers
ITEM 5.02 - Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 5, 2007, the Company announced that it has engaged Eugene L. Butler to serve as its new Chief Financial Officer. Mr. Butler will also fill a vacancy on the Board of Directors
Mr. Butler served in various capacities as a Director, President, CEO, CFO and COO of Weatherford International, Inc., a $2 billion multinational service and equipment corporation serving the worldwide energy market, from 1974 to 1991. He was elected to the Board of Directors of Weatherford in May 1978, elected President and COO in 1979, and President and CEO in 1984. He successfully developed and implemented a turnaround strategy eliminating debt and returning the company to profitability during a severe energy recession. As well, he expanded operations into international markets allowing Weatherford to become the world leader in the company's products and services lines.
Prior to joining Weatherford International in 1974, Mr. Butler, a Certified Public Accountant, was an Audit Manager with Arthur Andersen & Co. in Houston. Since leaving Weatherford in 1991, Mr. Butler has been involved in numerous financial packaging, debt restructuring, acquisition and capital raising transactions, as agent and principal.
Mr. Butler will receive 3 million options, each to purchase one share of common stock of Deep Down, Inc. at an exercise price of $0.515 per share. One-third of such options will vest on each of May 31, 2008, 2009 and 2010. The options will expire on August 31. 2010.
The Company has also announced that Mary L. Budrunas will fill a vacancy on the Board of Directors. Ms. Budrunas, currently responsible for all administrative functions including human resources and accounting for the Company, co-founded Deep Down, Inc. in 1997 along with the current chief executive officer Ronald E. Smith. Ms. Budrunas has more than 20-years of logistical management experience in manufacturing, fabrication, and industrial sourcing in the oil and gas industry. Prior to Deep Down, she managed purchasing for Mustang Engineering and directed procurement for a large petroleum drilling and production facility project in Ulsan, Korea.
-------------------- dab Posts: 545 | From: North Hollywood | Registered: May 2006
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What a great hire for Deep Down. This guy has a most impressive resume.
5-Jun-2007
Change in Directors or Principal Officers
ITEM 5.02 - Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 5, 2007, the Company announced that it has engaged Eugene L. Butler to serve as its new Chief Financial Officer. Mr. Butler will also fill a vacancy on the Board of Directors
Mr. Butler served in various capacities as a Director, President, CEO, CFO and COO of Weatherford International, Inc., a $2 billion multinational service and equipment corporation serving the worldwide energy market, from 1974 to 1991. He was elected to the Board of Directors of Weatherford in May 1978, elected President and COO in 1979, and President and CEO in 1984. He successfully developed and implemented a turnaround strategy eliminating debt and returning the company to profitability during a severe energy recession. As well, he expanded operations into international markets allowing Weatherford to become the world leader in the company's products and services lines.
Prior to joining Weatherford International in 1974, Mr. Butler, a Certified Public Accountant, was an Audit Manager with Arthur Andersen & Co. in Houston. Since leaving Weatherford in 1991, Mr. Butler has been involved in numerous financial packaging, debt restructuring, acquisition and capital raising transactions, as agent and principal.
Mr. Butler will receive 3 million options, each to purchase one share of common stock of Deep Down, Inc. at an exercise price of $0.515 per share. One-third of such options will vest on each of May 31, 2008, 2009 and 2010. The options will expire on August 31. 2010.
The Company has also announced that Mary L. Budrunas will fill a vacancy on the Board of Directors. Ms. Budrunas, currently responsible for all administrative functions including human resources and accounting for the Company, co-founded Deep Down, Inc. in 1997 along with the current chief executive officer Ronald E. Smith. Ms. Budrunas has more than 20-years of logistical management experience in manufacturing, fabrication, and industrial sourcing in the oil and gas industry. Prior to Deep Down, she managed purchasing for Mustang Engineering and directed procurement for a large petroleum drilling and production facility project in Ulsan, Korea.
quote:Originally posted by captain america: not a bad day slow and steady up .04 at .55
You've seen nothing yet. Remember there is no dilution whatsoever in this stock. So, when it runs...it will run hard.
Management's Pledge to the SEC of No Dilution:
from the 8-K/A, 11/24/06:
SECTION 6.05. Obligations of Shareholder. Shareholder, on behalf of new management of MediQuip, unconditionally agree: (i) to refrain from the issuance of any securities pursuant to a registration statement on Form S-8 for a period of 12 months from and after the Effective Time (ii) not to change the number of issued or outstanding shares of capital stock of MediQuip by a stock split, stock dividend, combination, reclassification, reverse stock split, combination or reclassification of shares or other similar event for a period of 12 months from and after the Effective Time, and except as a condition to a listing of common stock on a national exchange, in which event the limitation period will be 6 months (iii) not to issue any equity securities to any person, firm or corporation for any purpose whatsoever for consideration less than the fair market value applicable to the nature of the transaction of such securities, and (iv) not to file a registration statement with the Securities and Exchange Commission on Form SB-2 or other similar form covering secondary offering of and class of equity securities prior to the expiration of 6 months from and after the Effective Time.
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