Deep Down, Inc. announced an approximate $1 million order for the manufacture of 70 metric tons of buoyancy products for a major project in the Gulf of Mexico, with delivery slated for early 4th quarter 2009.
The order will consist of two 26 metric ton buoys, one 12.4 metric ton buoy, and several smaller buoys. All of the buoys will be rated for 3000 meters, making them the largest buoyancy modules ever constructed for that depth. Further, the buoys will be constructed with central steel hardware capable of a 200 metric ton pass through load.
Two Deep Down subsidiaries will be involved in fulfilling this order; Deep Down in Channelview, Texas will fabricate the steel hardware and provide the assembly of the buoys, while Flotation Technologies, Inc., in Biddeford, Maine, will handle the manufacture of the buoys themselves, using its proprietary high-strength Flotec(TM) syntactic foams.
"This joint effort is just the latest in a series of projects where we've strategically aligned the capabilities and expertise of two of our subsidiaries," said Deep Down, Inc. President and Chief Executive Officer Ronald E. Smith. "The synergies involved provide for a more efficient manufacturing process, which ultimately benefits our customers. We will continue to look for similar opportunities where Deep Down, Inc. can add value by offering collaborative solutions to better meet our customer's needs."
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