Deep Down, Inc. (DPDW), a specialist in complex deepwater oil and gas distribution equipment and services, announced that it has secured orders totaling over $4 million for the installation of subsea equipment, from two new customers in South America.
The orders are for the planning, installation and commissioning of an umbilical and a flexible flow line, equipment that enables the transmission of controls, fiber optic communications, electricity and hydraulic and other fluids between surface installations and the clients' subsea equipment. The projects include the engineering, procurement and construction of associated tie-in equipment and the rental of Deep Down installation equipment. Deployment is planned for the second and third quarters of 2018 in the Caribbean and South Pacific Ocean.
Ron Smith, Deep Down CEO, stated, "These awards highlight the success of our efforts to expand our customer base and geographic reach. We believe the large size of these initial contracts is also a testament to our growing reputation as a high quality, expert provider of cost-effective deepwater service and equipment solutions. We continue to actively pursue new business opportunities with new and existing customers and are encouraged by the increasing pace of offshore development discussions and planning."