"During the first quarter of 2007, Deep Down received a number of significant orders that not only are expected to generate significant revenue, but made important inroads into several of Deep Down's growing market channels," commented Robert E. Chamberlain, Jr., Deep Down's chairman. The Company received a flexible pipe retrieval, termination, and installation contract from Saipem America, Inc., marking our continuing expansion into the flexible pipe market. Deep Down received an order from Bourbon Offshore, Inc. for electrical umbilical installation reels, demonstrating our growing support of West African offshore operations. Deep Down received an order from Oceaneering International for bend stiffener latchers for the Shell BC-10 project, further illustrating our support of operations in Brazil and our expanding international footprint. We also received a bend stiffener latcher order from DUCO for the Shell Perdido project, which employs our very unique technology that establishes our leadership in remotely operated vehicle (ROV) support of subsea umbilical appliances."
"We are currently completing orders from ODIM, AS, for geophysical equipment including streamer winches, storage winches, level wind assemblies, and overboard sheaves. In another exciting development, we are actively supporting a steel flying lead installation project at Independence Hub for Subsea 7 using our newly developed rapid deployment cartridges," added Ron Smith, Deep Down's chief executive officer.
Other important Company highlights include expansion into the wireline market with the overhaul of wireline trucks for Diamondback, support of the first synthetic rope heave-compensated winch in the Gulf of Mexico for ODIM, AS, and Deep Down's first contract to assist Technip in the Gulf of Mexico with the Bass Lite Field umbilical testing and flying lead support project.
"With the completion of the ElectroWave USA acquisition on April 2, 2007, Deep Down expects to reflect ElectroWave's sales numbers in the 2nd quarter Form 10-QSB. The relocation and integration of ElectroWave into our campus is nearly complete. Although we have already realized benefits, we look forward to accelerating contributions from this recent acquisition," concluded John Siedhoff, Deep Down's Chief Financial Officer.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company 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, 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, and designers and manufacturers of subsea, surface, and offshore rig equipment used by major integrated, large 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.
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