Deep Down Lands Its Biggest Deal
Deep Down, a subsea oilfield services company, has received the largest order in the company’s history, from an undisclosed client, valued at $13 million.
This order includes one phase of new systems and equipment to be delivered in 2016 for installation in the Gulf of Mexico.
Ron Smith, Chief Executive Officer of Deep Down, Inc. said: “Receiving an order of this magnitude, during the current industry downturn, is a major vote of confidence in our ability to continue providing innovative solutions for our customers. We are humbled by the trust placed in us and are well prepared for the work ahead.”
The new deal is the company’s second in just under a moth when it received a $2.5 million order for flying leads and UTA (Umbilical Termination Assembly).
Deep Down’s revenues for the second quarter ended June 30, 2015 were $6.8 million.