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CST: 13/12/2019 07:58:54   

Deep Down Receives Orders Worth Over $2.0M For Custom Offshore Equipment and Services

49 Days ago

HOUSTON, Oct. 24, 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 orders exceeding $2.0M from different customers, within one week.

The orders are for Flying Leads, Riser Isolation Valve controls, and other offshore equipment and services, primarily destined for the Gulf of Mexico.  All of the work is expected to be complete by the end of the first quarter of 2020.

Charles Njuguna, president and CEO, stated, “These awards highlight the success of our efforts to expand the scope of our offerings to existing customers, and the early signs of increasing activity in the offshore 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.

Follow us on: Twitter:  @DeepDownIR

Investor Relations:
Catalyst IR
Chris Eddy or David Collins
212-924-9800
dpdw@catalyst-ir.com

 

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