Deep Down announced receipt of subsea service and technology orders for deepwater oil and gas fields in West Africa and the Gulf of Mexico (GOM).
Deep Down received its largest loose-tube steel flying lead order to-date for a deepwater oil & gas development off the west coast of Africa. With much of this development in more than 8000 feet of water, Deep Down's deepwater service team will supply more than 30 of its innovative loose-tube steel flying leads along with associated subsea components. The order requires first delivery in mid-July 2009, with completion by October 2009.
Deep Down has in addition received its largest distribution system commissioning service project to-date for the deepest development currently in the GOM. With the project's spar now installed, Deep Down's service team will perform the final commissioning, allowing the project to begin production. The regional spar, with DVA (direct vertical access) wells, is moored in nearly 8000 feet of water and will gather, process, and export production from three adjacent fields.
"We are very pleased to have been chosen to supply our advanced deepwater services and technologies to these major projects," commented Ronald E. Smith, Deep Down's president and chief executive officer. "These two deepwater projects represent nearly $5 million in revenue for the company this year, and we believe it is validation of our subsea and deepwater subsectors' strong market forecasts. Furthermore, subsea African developments are increasingly using technological designs similar to those in the Gulf of Mexico and South America, expanding Deep Down's global business opportunities already predicted strong for the next five years.
"Our subsea technology is specifically engineered for deepwater developments such as these, and with ultra-deepwater projects also in a long-term growth pattern, our strategy remains to become the leading deepwater service company," Smith concluded.
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