Deep Down receives order for $13 million
HOUSTON -- Deep Down, an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, has received the largest order in the company's history, valued at $13 million, from a super-major operator.
This order includes one phase of new systems and equipment to be delivered in 2016 for installation in the Gulf of Mexico. The project is structured to ensure a continuous cash-positive position for the company.
"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," Ron Smith, CEO of Deep Down, said.
