Deep Down Company News

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Deep Down Wins GOM, APAC Subsea Orders
Thursday, June 11, 2020All the equipment is scheduled to be completed before the end of 2020.

Deep Down Wins GOM Gig
Monday, April 16, 2012Deep Down will design, fabricate, assemble, install and test control systems to operate flowline isolation valves on three platforms in the Gulf of Mexico.

Deep Down Secures Large Carousel Orders
Thursday, July 07, 2011Deep Down has been awarded two more large carousel contracts.

Deep Down Sees Increase in GOM Activities
Tuesday, June 15, 2010Deep Down sees an increase in activity in operations related to cleanup and subsea monitoring in the U.S. Gulf of Mexico.

Deep Down Receives Subsea Hardware
Tuesday, May 25, 2010Deep Down has received the purchase order for the previously announced LOI (April 22, 2010).

Deep Down to Provide Subsea Hardware in West Africa
Thursday, April 22, 2010Deep Down has received a Letter of Intent (LOI) for an order valued in excess of $4 million for installation equipment, surface and subsea hardware in West Africa.

Deep Down Expands Intellectual Property with New Patent
Friday, December 18, 2009Deep Down's wholly-owned subsidiary, Flotation Technologies, has been awarded a patent number by the United States Patent and Trademark Office for "Drilling Riser Buoyancy Modules".

Deep Down Expands Product Line in West Africa
Tuesday, December 15, 2009"We continue to support the deepwater projects in West Africa through the expansion of our product lines in these areas," stated Ronald E. Smith, Deep Down's President and Chief Executive Officer.

Deep Down Posts Lower Revenues of $8.4MM for Third Quarter
Tuesday, November 17, 2009Deep Down's revenues for the third quarter of 2009 were $8.4 million, compared to $11.7 million for the third quarter of 2008, for a 28% decrease.

Deep Down's Subsidiary Floatation Technologies Celebrates 30 Years
Wednesday, October 21, 2009Deep Down has announced the 30th anniversary of Flotation Technologies, Inc., a wholly-owned subsidiary.

Deep Down Wins Another Equipment Order for West African Project
Wednesday, October 07, 2009Deep Down has been awarded a contract to provide Steel Tube Flying Lead installation equipment to a European Installation Contractor for a project scheduled for late 2009 or early 2010 off the coast of Ghana, West Africa.

Largest Buoyancy Modules Manufactured for Deepwater GOM Project
Wednesday, September 30, 2009Deep 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.

Deep Down Appoints New Chairman of the Board
Wednesday, September 09, 2009Deep Down's Board of Directors has accepted the resignation of Mr. Robert E. Chamberlain, Jr. as Chairman of the Board and Chief Acquisitions Officer, effective September 1, 2009.

Deep Down Expands Presence in Brazil
Wednesday, July 01, 2009Deep Down announced the engagement of Marcelo Lardosa as Business Development Officer. Lardosa will be located in Rio de Janeiro, Brazil.

Deep Down Reveals 1st Quarter 2009 Results
Thursday, May 14, 2009Ron Smith, Deep Down's President and CEO stated, "Historically, the first quarter is our weakest operating quarter; however, our operations as a whole have been naturally affected by the economic slowdown and falling oil and gas prices."

Deep Down Snags Deepwater Project Orders in West Africa, GOM
Monday, May 04, 2009Deep Down announced receipt of subsea service and technology orders for deepwater oil and gas fields in West Africa and the Gulf of Mexico.

Deep Down Expands Sales Team with 2 New Appointments
Monday, April 06, 2009Deep Down hired Mr. Michael J. Newbury as Corporate Business Development Manager, and Mr. Matthew Todd for corporate sales, to further support its offshore corporate business development activities.

Deep Down Awarded US Patent for New Subsea J-Plate Design
Wednesday, March 25, 2009Deep Down has been awarded a patent by the US Patent and Trademark Office related to undersea wells and a method and apparatus for installing a subsea umbilical.

Deep Down Rides High on 84.5% Increase in Revenue
Thursday, March 19, 2009Deep Down's revenues for the year 2008 were $35.8 million for an increase of 84.5% over last year's revenues of $19.4 million.

Deep Down Opens New Houston Corporate Headquarters
Friday, February 27, 2009Deep Down has opened a new corporate headquarters in Houston.

Deep Down Reels in $11.1MM Buoyancy Contract for Delba III
Tuesday, November 25, 2008Deep Down received an executed $11.1 million contract from Delba Drilling to supply and install the deepwater marine drilling riser floatation system for the Delba III semisub drilling rig.

Deep Down Increases Third Quarter 2008 Revenues by 140%
Tuesday, November 18, 2008Deep Down's revenue for the three months ended September 30, 2008 increased $6.8 million to $11.7 million, a 140% increase over the same three-month period in 2007.

Deep Down Increases Revenue by 96%
Wednesday, August 20, 2008Deep Down generated revenue of $14.2 million for the six months ended June 30, 2008, compared to $7.2 million for the same period last year, an increase of $7.0 million, or 96%.

Deep Down, Delba Draw Second $9MM LOI for Buoyancy
Tuesday, June 10, 2008Deep Down has received a second letter of intent for approximately $9 million from Delba International to supply and install the deepwater marine drilling riser flotation system for the new-build Delba IV semisub.

Deep Down Sells $40 MM of Common Stock
Thursday, June 05, 2008Deep Down has closed a $40 million private placement of common stock to institutional and accredited investors.

Deep Down Gets LOI for Installation of Riser Flotation on Delba III
Tuesday, May 27, 2008Deep Down, Inc. has received an approximately $9 million letter of intent from Delba International to supply and install the deepwater marine drilling riser flotation system for the new-build Delba III semisubmersible drilling rig.

Deep Down Announces Record First Quarter Results
Monday, May 19, 2008Deep Down, Inc. announced unaudited results for the first quarter, generating revenue of $6,279,465 for the three months ended March 31, 2008, compared to $2,098,394 for the three months ended March 31, 2007, an increase of $4,181,071 or 199%.

Deep Down Receives Order for Custom Buoyancy Solution
Friday, May 09, 2008Deep Down reports that Flotation Technologies received a contract award for a unique, custom-designed riser buoyancy solution from an international energy company.

Deep Down To Acquire Flotation Technologies
Thursday, April 17, 2008Deep Down, Inc. has executed a Stock Purchase Agreement to purchase all of the outstanding capital stock of Flotation Technologies, Inc.

Deep Down Delivers Second 4000-Meter-Rated LARS
Friday, April 11, 2008Deep Down, Inc. has shipped the second of what is believed to be the deepest class rated Launch and Retrieval System ("LARS") in the world.

Deep Down Delivers Next Generation Steel Flying Leads
Monday, April 07, 2008Deep Down, Inc. has shipped $1.5 million worth of products for the Phoenix project, including six next generation Loose-tube Steel Flying Leads.

Deep Down Increases Revenue 120%
Tuesday, April 01, 2008Revenue for the year ended December 31, 2007, was $19,389,730, an increase of $10,568,581 or 119.8%, compared to revenue of $8,821,149 for the comparable period in 2006.

Deep Down Focuses on Investor Relations, Market Awareness
Thursday, March 27, 2008Deep Down, Inc. announced recent activities it has engaged in to increase awareness to the institutional marketplace of its unique position in the offshore services industry.

Deep Down Inks $2 Million in Contracts for Innovative Solutions
Friday, February 15, 2008Deep Down is currently designing approximately $1.5 million worth of innovative subsea installation equipment to address its clients' critical issues over the next several months.

Deep Down Receives $1.5 Million in Steel Flying Lead Orders
Monday, February 11, 2008Deep Down is adding new design features to its LSFLs to enable quicker deployment and installation in high current, deep-water environments with the aid of its horizontal drive units and rapid deployment cartridges.

Deep Down Ships Proteus Active Heave Compensation Unit
Thursday, February 07, 2008Deep Down, Inc. has delivered a Proteus(TM) Active Heave Compensation Unit to Schlumberger for deployment in waters outside the Gulf of Mexico.

Deep Down Ships 3 BS Latchers to Singapore
Wednesday, January 30, 2008Deep Down, Inc. announced that three Bend Stiffener Latchers, for the BC-10 project, were shipped to Singapore. They will be installed on the Client's FPSO, which will be bound for Brazil upon its completion

Deep Down Hires Corporate Controller
Thursday, January 24, 2008>"Mr. Teal fills a critical vacancy on our management team as we continue to prepare and position ourselves for further growth through mergers and acquisitions and internal operations...."

Deep Down Announces Funding for Mako Technologies Acquisition
Wednesday, January 09, 2008Deep Down, Inc. has closed on its anticipated additional $6,000,000 in debt financing with Prospect Capital Corporation to fund its acquisition of Mako Technologies, Inc.

Deep Down Premiers 2007 Highlight Reel for Horizontal Drive Units
Tuesday, January 08, 2008The HDU eliminates the undesirable, and potentially hazardous, uneven tension experienced by steel flying leads and specialty cables during deployment and retrieval operations, as well as spooling, with vertical drive units.

Deep Down Delivers Deepest Rated LARS in the World
Wednesday, January 02, 2008"It is exciting to know that the new Flagship for Veolia, the Swordfish, is set up for ultra deepwater environments and will have two Perry ROVs and two Deep Down LARS to help them accomplish their more challenging deepwater tasks...."

Deep Down Completes Installation Project in the Gulf of Mexico
Thursday, December 27, 2007Deep Down Inc. developed a unique installation and recovery procedure for a major operator in the Gulf of Mexico that allowed a new subsea well to be brought online nearly a year earlier than would have otherwise been possible.

Deep Down Hooks of Mako Technologies in Acquisition
Tuesday, December 18, 2007Deep Down has signed a definitive purchase agreement to purchase Mako Technologies.

Deep Down Says 3Q07 Results on Target
Thursday, November 15, 2007Revenues for the third quarter ended September 30, 2007, were $4,885,555, with cost-of-sales of $3,552,599, for a gross profit of $1,332,956, or 27.3%.

Deep Down Reduces Debt by 1.8 Million
Friday, October 05, 2007Deep Down's chairman says a Preferred Stock transaction has reduced indebtedness by $1.8 million, which strengthens the balance sheet and improves the overall liquidity and financial strength of the company.

Deep Down Closes $3 Million Private Placement
Friday, October 05, 2007Deep Down, has reached an agreement with Ironman Energy Capital, L.P. to close a private placement of 3,125,000 shares of common stock of the company at $0.96 per share.

Deep Down Nets $30 Million in Flotation Orders
Thursday, October 04, 2007Deep Down has secured over $22 million in drilling riser flotation contracts for Matrix Asia Pacific Pty Ltd of Perth, Australia, and expects to close over $8 million in additional contracts within the next couple of weeks.

Deep Down Delivers Intelligent In-Line Winch System for Offshore Deployment
Thursday, September 27, 2007Deep Down has delivered and installed the first of two active heave compensated in-line winch systems to Schlumberger.

Deep Down Reduces Debt
Tuesday, September 18, 2007Deep Down has exchanged 2,250 shares ($2,250,000 aggregate face value) of Series E Redeemable Exchangeable Preferred Stock from Ronald E. Smith and Mary L. Budrunas for 2,250,000 shares of common stock.