Deep Down Wins LSFL Manufacture Contract (USA)

Deep Down, Inc., an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services yesterday announced it has received a contract from a major international controls manufacturer for the manufacture of Loose Steel Tube Flying Leads (LSFL) worth in excess of $1.7 million.

Additionally, there is an option to purchase additional distribution and installation equipment worth in excess of $2 million. The contract is for the first phase of a large gas project on the Northwest coast of Australia; delivery is scheduled for the fourth quarter of 2013.

Ron Smith, Chief Executive Officer of Deep Down, Inc. stated: “This award reaffirms the significant engineering and capital investments we have made in our core steel flying leads product line. Customers have realized that our steel flying leads are superior to those offered by the competition with respect to quality, cost, reliability and ease of installation.”

Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down’s proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads (LSFL), installation buoyancy, ROVs and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. The company’s primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead.

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Press Release, April 30, 2013