Deep Down Names New CFO, Directors
Deep Down, Inc. has engaged Eugene L. Butler to serve as its new chief financial officer (CFO). Mr. Butler will also fill a vacancy on the board of directors.
Mr. Butler served in various capacities as a director, president, chief executive officer (CEO), CFO, and chief operating officer (COO) for Weatherford International, Inc., a $2 billion multinational service and equipment corporation serving the worldwide energy market, from 1974 to 1991. He was elected to Weatherford's board of directors in May of 1978, elected president and COO in 1979, and president and CEO in 1984. He successfully developed and implemented a turnaround strategy eliminating debt and returning the company to profitability during a severe energy recession. Mr. Butler also expanded operations into international markets allowing Weatherford to become a major worldwide force with its offshore petroleum products and services.
Prior to joining Weatherford International in 1974, Mr. Butler, a certified public accountant, was an audit manager with Arthur Andersen & Co. Since leaving Weatherford in 1991, Mr. Butler has been involved in numerous financial packaging, debt restructuring, acquisition, and capital raising transactions as both agent and principal.
Mr. Butler is an accomplished corporate finance executive who has served his numerous positions of responsibility with distinction. Mr. Butler is currently a director of Powell Industries, Inc. (NASDAQ) and serves as chairman of the audit committee. He is also a director of Energy Services International, Inc., has been a member of the Development Council for the Mays College and Graduate School of Business at Texas A&M University, and is a former member and founding director of the American Business Conference, Washington, D.C.
Mr. Butler graduated from Texas A&M University in 1963, and served as an officer in the U.S. Navy until 1969 when he joined Arthur Andersen & Co. Mr. Butler is distinguished by numerous medals and decorations, including the Bronze Star with combat "V" and the Presidential Unit Citation for his service with the river patrol force in Vietnam.
"Gene Butler has an extensive background in mergers and acquisitions (domestic and international) and in debt and equity financings. He is action- oriented with the capacity to prioritize missions for the goal of corporate growth and profits. He is adept at team building and training with the ability to select and motivate a small but elite staff with cohesive goals. He is considered an expert in corporate restructuring and reorganizations. Deep Down is fortunate to have such a distinguished and highly regarded professional as Mr. Butler join our team," commented Robert E. Chamberlain, Jr., Deep Down's chairman.
"I am pleased that Mr. Butler shares our vision and has joined our team. His experience and skill sets are a welcome addition and the perfect combination for the level of growth currently planned by Deep Down. His experience will help to make our consolidation goals a reality in the most optimum time frame," commented Ron Smith, Deep Down's chief executive officer.
Mr. Butler will receive three million options, each to purchase one share of common stock of Deep Down, Inc. at an exercise price of $0.515 per share. One-third of these options will vest on each of May 31, 2008, 2009, and 2010. The options will expire on August 31, 2010.
The Company has also announced that Mary L. Budrunas will fill a vacancy on the board of directors. Ms. Budrunas, currently responsible for all administrative functions, including human resources and accounting for the Company, co-founded Deep Down, Inc. in 1997 along with the current chief executive officer Ronald E. Smith. Ms. Budrunas has more than 20-years of logistical management experience in manufacturing, fabrication, and industrial sourcing in the oil and gas industry. Prior to Deep Down, she managed purchasing for Mustang Engineering and directed procurement for a large petroleum drilling and production facility project in Ulsan, Korea.
"I am pleased to have Ms. Budrunas join the board of directors," remarked Chamberlain. "Ms. Budrunas' vision, talent, and business acumen has influenced the growth of Deep Down since its inception, and was an obvious choice to act as a steward of the Company going forward."
"When we formed Deep Down 10 short years ago, I very much believed in the opportunity," commented Ms. Budrunas. "Witnessing Deep Down's growth and recent success has been extremely gratifying, and I remain committed to continue growing the Company, promoting innovation and exemplary customer service, and building shareholder value."
"The board will most certainly look to her breadth and depth of experience coordinating large-scale manufacturing, procurement, and logistical operations in the oil and gas industry to assist Deep Down's current and future growth including our initiative to acquire and consolidate offshore service providers," Chamberlain concluded.
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.
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