HOUSTON, Aug. 20, 2019 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW) ("Deep Down"), a specialist in complex deep-water oil and gas distribution equipment and services, today announced that it has received an order from Shell for work related to its Kaikias development in the U.S. Gulf of Mexico.
The order is for the design, engineering, manufacturing and installation of a Riser Isolation Valve control system on the Ursa tension-leg platform (TLP). The Ursa TLP is located in the Mississippi Canyon Block 810, approximately 130 miles from the coast of Louisiana, in water depth of 4,500 ft.
The Riser Isolation Valve control system will be installed on the TLP to provide shutdown of production fluids.
Charles Njuguna, CFO, stated, “We continue to be humbled by the trust Shell places in Deep Down, as we work together to continuously improve safety in 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.
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