Deep Down Participates in the Offshore Technology Conference
HOUSTON, May 11: Deep Down, Inc. (BULLETIN BOARD: DPDW) exhibited its unique deepwater oil and gas infrastructure installation support products and services at the 2007 Offshore Technology Conference (OTC) last week in Houston, Texas.
"We are quite pleased with the response at this year's show as customers were introduced to the new and expanded product lines now being offered by Deep Down, particularly the oil and gas production support and marine monitoring/control products from our newly acquired ElectroWave subsidiary," commented Ron Smith, Deep Down's chief executive officer.
OTC is the largest offshore industry conference in the world, bringing together more than 60,000 technology leaders, decision-makers, and buyers from over 110 countries. These industry experts explore how technology, best practices, emerging trends, and proven methods impact the evolving landscape of offshore oil and gas exploration and production. Due to overwhelming participation this year, the conference was expanded to include Reliant Stadium in downtown Houston to hold all the attendees and exhibitors.
"The industry outlook for the next decade is projected to sustain continued steady growth. This forecast, along with new discoveries of large offshore oil and gas fields in deeper waters, is expected to increase demand for our deepwater launch and recovery systems (LARS), steel tube flying leads with our Moray(TM) Subsea terminations, umbilical termination assemblies (UTAs), compliant splices, bend restrictors and bend stiffener latchers at a record pace.
"With orders during the first quarter of 2007 topping $3.25 million, I remain optimistic that our growth and expansion will continue at a healthy pace this year, and I expect this growth to further fuel our plan to continue consolidating appropriate offshore industry service companies into Deep Down, providing a one-stop-shop for offshore oil and gas industry providers," 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 www.deepdowninc.com and www.electrowaveusa.com
Source: Deep Down, Inc.
CONTACT: Steven Haag, Investor Relations Deep Down, Inc.,
+1-281-862-2201, fax, +1-281-862-2522, ir@deepdowninc.com
Web site: www.deepdowninc.com/
http://www.electrowaveusa.com/
