Deep Down, Inc. (OTCQX: DPDW) (“Deep Down”), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services announced today its wholly-owned subsidiary, Deep Down Brasil – Solucoes em Petroleo e Gas, Ltda (“Deep Down Brasil”), has received an order for 3 units of installation equipment, from the Brazilian division of a major operator.
The equipment will be fully fabricated in Brazil, with locally sourced labor and raw materials. Delivery is scheduled for later this year, with expected offshore deployment before the end of the year.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, “This order affirms the confidence that international operators have in Deep Down as a company, and our ability to execute projects in different parts of the world. It further serves as a testament of our commitment to use local content in the various regions we operate, a practice we intend to replicate as we expand our geographic presence.”