HOUSTON, May 30, 2018 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQX:DPDW), a specialist in complex deepwater oil and gas distribution equipment and services, today announced that it has received an order from Shell for work related to its Vito development in the U.S. Gulf of Mexico.
The order is for the design, engineering, manufacturing and installation of an Isolation Valve system on the Vito floating production unit (FPU). The Vito FPU will be a new facility located in the Mississippi Canyon, approximately 150 miles south of New Orleans, Louisiana, in water depth of 4,050 ft.
The Isolation Valve system will be installed onto the FPU to provide shutdown of production fluids.
Ron Smith, Deep Down’s CEO, stated, “This award highlights another step in the strong commitment Shell and Deep Down share, of ensuring a safe future for the oil and gas industry.”
About Deep Down, Inc. (www.deepdowninc.com)
Deep Down focuses on complex deepwater and ultra-deepwater oil and gas production distribution system technologies and support services, connecting the platform and the wellhead. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, installation buoyancy, remotely operated vehicles 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.
Forward-Looking Statements Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
Investor Relations:
Catalyst IR
Tanya Kamatu
212-924-9800
dpdw@catalyst-ir.com
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