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SOURCE Deep Down, Inc.
HOUSTON, May 9, 2014 /PRNewswire/ -- Deep Down, Inc. (OTCQX: DPDW) ("Deep Down"), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services announced today its wholly-owned subsidiary, Deep Down Brasil - Solucoes em Petroleo e Gas, Ltda ("Deep Down Brasil"), has received an order for 3 units of installation equipment, from the Brazilian division of a major operator.
The equipment will be fully fabricated in Brazil, with locally sourced labor and raw materials. Delivery is scheduled for later this year, with expected offshore deployment before the end of the year.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, "This order affirms the confidence that international operators have in Deep Down as a company, and our ability to execute projects in different parts of the world. It further serves as a testament of our commitment to use local content in the various regions we operate, a practice we intend to replicate as we expand our geographic presence."
About Deep Down, Inc.
Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads (LSFL), installation buoyancy, ROVs 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. The company's primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. More information about Deep Down is available at www.deepdowninc.com.
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 and 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.
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