Deep Down clinches $2.5M in new orders

Deep Down, Inc., an oilfield services company, has received an order for flying leads and UTA (Umbilical Termination Assembly) from an independent operator for work in the Gulf of Mexico.

The company specializing in deepwater and ultra-deepwater oil production distribution system support services said Wednesday that the order was worth approximately $2.5 million. However, the operator in question remained unknown.

Deep Down said that the flying leads and UTA would be delivered and deployed in the Gulf of Mexico in the first quarter of 2016.

Ron Smith, Chief Executive Officer of Deep Down, Inc. said: “Despite the current environment of lower oil prices, this order from a new customer reinforces our strategy and ability to work directly for operators.”

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