Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced that its wholly-owned subsidiary, Mako Technologies, LLC ("Mako") is expanding its fleet of Remotely Operated Vehicles ("ROVs"). Mako recently took delivery of its fifth ROV, a Seaeye FALCON, and has placed an order to purchase a Sub-Atlantic SUPER MOHAWK for delivery in the fourth quarter.
The Super Mohawk can carry out many of the tasks currently being performed by heavy, work-class vehicles. The rigid open-frame design provides an abundance of space and the generous payload capability provides a versatile solution for the installation of manipulators, sensors, and additional equipment.
"Presently, our entire ROV fleet, including our newly acquired FALCON, are offshore working," stated Bryce Merrill, Mako's Director of Subsea Services. "With the damage associated with Hurricanes Gustav and Ike, demand for ROV services has been extremely high. We have our two LYNX ROVs demobilizing from a successful project in Trinidad and as soon as they get back to our base and inspected, they will immediately be deployed into the Gulf of Mexico to help our clients assess the extent of the damage to the offshore infrastructure.
"The utilization rate for our offshore equipment, including ROVs, is at the highest levels since Hurricanes Katrina and Rita. The latest MMS damage assessment report indicates that the number of platforms destroyed by the 2008 Hurricanes is at 49, which is more than were destroyed by Hurricane Katrina," Merrill concluded.
"The expansion of Mako's fleet of ROVs supports our strategy to continue to invest in growing the capabilities of all our companies to meet the demands of the market. These investments will enhance the financial performance of the company and bring value to our shareholders," said Robert E. Chamberlain, Jr., Deep Down's chairman and chief acquisition officer.
About Deep Down, Inc.
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 recovery 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. For further company information, please visit http://www.deepdowninc.com or call Ron Smith at 281-862-2201.
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. For further company information, please visit http://www.electrowaveusa.com or call Greg Boucher at 713-896-7799.
The Company's Mako subsidiary serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys. For further company information, please visit http://www.makotechnologies.com or call Jacob Marcell at 985-385-7817.
Flotation Technologies engineers, designs and manufactures deepwater buoyancy systems using high-strength Flotec(TM) syntactic foam and polyurethane elastomers. Flotation's product offerings include distributed buoyancy for flexible pipes and umbilicals, drilling riser buoyance modules, CoreTec(TM) drilling riser buoyancy modules, ROVits(TM) buoyancy, Hydro-Float mooring buoys, Stablemoor(TM) low-drag ADCP deployment solution, Quick-Loc(TM) cable floats, Hardball(TM) umbilical floats, Flotec(TM) cable and pipeline protection, Inflex(TM) polymer bend restrictors, and installation buoyancy of any size and depth rating. For further company information, please visit http://www.flotec.com or call David Capotosto at 207-282-7749.
The Company's strategy is to become a leading provider of products and services to the offshore industry, including shallow, deep, and ultra-deep water applications in oil and gas exploration, development and production activities, and maritime operations. Management plans to achieve this strategy through organic growth and strategic acquisitions of complementary businesses with technological advantages in deepwater environments.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
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