Deep Down Gets Multi-Year Agreement for Steel Tube Flying Leads

Deep Down, Inc. (“Deep Down”), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services announced it has signed a three (3)-year frame agreement, with optional one (1)-year extensions, with a major international OEM for the purchase of goods and services, including the manufacture of steel tube flying leads.

The first order Deep Down received under this frame agreement was in excess of $1.7 million for the manufacture of steel tube flying leads for a project offshore Australia. Delivery is scheduled during the fourth quarter 2013.

“This agreement marks a significant milestone for Deep Down to be recognized as an industry leader in the manufacturing of steel tube flying leads” Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, “We look forward to continue building this relationship and supporting our customer in the future.”

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Press Release, March 12, 2013