Deep Down Inc. - Aktie des Tages!!
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Es gibt nichts geileres als täglich live zu sehen was so bei DPDW geht !!
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Wenn das mal nicht noch die letzten cheapies waren... :)))
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Deep Down to Acquire Flotation Technologies
PR Newswire "US Press Releases "
HOUSTON, April 17 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced it has executed a Stock Purchase Agreement to purchase all of the outstanding capital stock of Flotation Technologies, Inc.
Headquartered in Biddeford, Maine, Flotation Technologies is a recognized leader in the design and manufacture of deepwater buoyancy systems, specializing in Flotec(TM) syntactic foam and polyurethane elastomer products. With extensive engineering, design, fabrication, and analysis capabilities, Flotation Technologies provides quick turnaround, cost-effective buoyancy and elastomer products to the worldwide oceanographic, offshore energy, seismic, and military markets. Within the past few years, Flotation Technologies has received its approved vendor status for the supply of engineered products such as distributed buoyancy, installation buoyancy and bend limiting products from numerous customers including Aker Kvaerner, Cooper Cameron, Chevron, Devon Energy, Exxon Mobil, Oceaneering Multiflex, Petrobras, Shell, Statoil, Technip, and Wellstream International. More information can be obtained at http://www.flotec.com.
Unaudited financial information provided by the management of Flotation Technologies indicates that revenue for the latest twelve months ending March 31, 2008, was approximately $17.27 million, with pretax income of $4.84 million, and EBITDA of $5.26 million, adjusted for certain nonrecurring expenses and a gain on sale of real estate assets. Financial results of operations for the years ended December 31, 2007 and 2006, will be presented when audits are finalized.
"The total purchase price for the acquisition is expected to be approximately $23.3 million. Flotation Technologies' revenue for the year ended December 31, 2007, was approximately double the revenue realized in the prior year. According to Quest Subsea Forecast (October 2007), capital expenditures in the offshore energy industry are expected to experience significant growth for the next several years. Our strategy is to participate in that growth. Buoyancy will become more important as the offshore energy industry continues its trend toward exploration and development activities in ultra deep waters. This acquisition will give Deep Down a major product line, position the Company to become a leader in flotation systems, and increase our presence in deepwater operations," commented Robert E. Chamberlain, Jr., Deep Down's chairman and chief acquisition officer.
Ronald E. Smith, Deep Down's president and chief executive officer commented, "We are very excited about this acquisition. Our strategy is to work closely with management to expand their existing business and explore new areas of opportunity. Our view of the future of subsea equipment involves structural integration of buoyancy into various components of the undersea distribution system. Due to our prominence in installation activities of subsea equipment throughout the world, our customers are increasingly asking us to supply the equipment and systems we install. Where appropriate, we intend to manufacture high-demand technology-advantaged products in high-growth markets. Our strategy is to become a major player in many facets of the offshore deepwater industry."
Deep Down's closing of the purchase of Flotation Technologies remains subject to several conditions, including Deep Down's obtaining financing for the payment of the purchase price.
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project.
The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
The Company's Mako subsidiary serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys.
The Company's strategy is to consolidate service providers to the offshore industry, as well as designers and manufacturers of subsea, surface, and offshore rig equipment used by major, independent, and foreign national oil and gas companies in deep-water exploration and production of oil and gas throughout the world. Deep Down's customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit http://www.deepdowninc.com, http://www.electrowaveusa.com and http://www.makotechnologies.com.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
SOURCE Deep Down, Inc.
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http://tv.wallst.net/3-min-press/3-min-press.php?episode=29&part=185
Featured Stocks on WallSt.net's 3-Minute Press Show: DPDW, GNMT, BDGW, SKVY
NEW YORK, April 21 /PRNewswire/ -- WallSt.net's 3-Minute Press Show is a daily video program hosted by WallSt.net reporter, Tracee Tolentino.
Shows air Monday through Friday on:
http://tv.wallst.net/3-min-press/3-min-press.php.
WallSt.net's 3-Minute Press Show features in-depth interviews with public company executives on their company and most recent press releases. The show is designed to provide viewers with insight into a company's most recent press release, and its impact on the company's growth.
The following executives were interviewed on Friday's show:
-- Robert Chamberlain, Chairman and Chief Acquisitions Officer of Deep
Down, Inc.
(OTC Bulletin Board: DPDW) (http://www.deepdowninc.com)
-- Daniel Forbush, Chief Financial Officer for General Metals Corp.
(OTC Bulletin Board: GNMT) (http://www.generalmetalscorporation.com)
-- Jim Can, President and CEO of Budget Waste, Inc.
(Pink Sheets: BDGW) (http://www.budgetwaste.com)
-- Peter Murdoch, President and CEO of Sentry Technology Corp.
(OTC Bulletin Board: SKVY) (http://www.sentrytechnology.com)
About WallStreet Direct, Inc.
WallStreet Direct, Inc. a wholly-owned subsidiary of Financial Media Group, Inc., owns and operates WallSt.net (http://www.wallst.net), a leading source of up-to-the-minute business news, comprehensive financial tools and original multimedia content for the investment community. In addition to WallSt.net, WallStreet Direct owns and operates WallStRadio (http://radio.wallst.net) an online hub for business podcasts from well-known business news personalities and publishers. We have received ten thousand dollars from Deep Down, Inc. for media and advertising services. We have received eight thousand five hundred dollars from General Metals Corp. for media and advertising services. We have received nine hundred ninety five dollars from Budget Waste, Inc. for media and advertising services. We have received four hundred ninety five dollars from Sentry Technology Corp. for the dissemination of this press release. To access our full disclaimer and for a complete list of our advertisers, and advertising relationships, visit http://www.wallst.net/disclaimer/disclaimer.php.
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project.
About General Metals Corporation
The Company is production and growth oriented and controls 100% of the strategically situated Independence Mine property located in the prolific Battle Mountain Mining District on the Battle Mountain-Eureka gold trend, in Humboldt County, Nevada, adjacent to the giant Phoenix project. The current drilling program is designed to confirm early estimates of mineralized material thought to contain 235,000 oz. gold and 2,500,000 oz. silver and to expand the mineralized envelope which enhances near term production numbers. The Company also owns 150 sq. km. of mining concessions for gold, diamonds and base metals in Ghana, West Africa and plans to commence exploration activities this year.
About Budget Waste, Inc.
Budget Waste, Inc. is a waste solutions company in Western Canada providing complete waste and recycling services to commercial, industrial, construction, homebuilding, oilfield and residential clients. With a broad range of innovative services the Company offers its customers more value for their dollar and reduces accounting costs by providing streamlined billing. BWI is currently following its growth through acquisition strategy with exceptional success. For more information, visit http://www.budgetwaste.com
About Sentry Technology Corp.
Sentry Technology Corporation designs, manufactures, sells and installs a complete line of Closed Circuit Television (CCTV) solutions, Electro-Magnetic (EM) and RFID based Library Management systems as well as Radio Frequency (RF) and Electro-Magnetic (EM) EAS systems. The CCTV product line features SentryVision(R), SmartTrack, a proprietary, patented traveling Surveillance System. The Company's products are used by libraries to secure inventory and improve operating efficiency, by retailers to deter shoplifting and internal theft and by industrial and institutional customers to protect assets and people. For further information, please visit our website at http://www.sentrytechnology.com.
Contact
WallSt.net
800-4-WALLST
SOURCE WallStreet Direct, Inc.; Deep Down, Inc.; General Metals Corp.; Budget Waste, Inc.; Sentry Technology Corp.
Source: PR Newswire (April 21, 2008 - 7:01 AM EDT)
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PR Newswire "US Press Releases "
HOUSTON, May 5 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced it has entered into a distributor agreement with Hach Ultra, manufacturer of HIAC liquid particle counters, for its highly advanced GlyCount(TM) liquid particle counter and Portable Oil Diagnostic System (PODS).
The portable GlyCount(TM) liquid particle counter analyzes glycol fluids and coolants in bottle sampling and on-line modes. The new instrument provides rapid test results that are consistent with conventional laboratory microscope or liquid particle counter analyses. Accurate particle counting results are delivered in significantly less time than is required under traditional analysis practices. Instead of taking up to 30 minutes to take one reading of a sample, this instrumentation will allow a user to take three readings of a sample in as little as 10 seconds. This portable instrument delivers cleanliness results at the point-of-use under actual operating conditions, further reducing manpower and analysis time. Just as the GlyCount(TM) system is used in glycol oil-based fluid testing, Hach Ultra's portable PODS oil testing system is used to test hydraulic fluids, providing rapid and accurate test results, under NAS and ISO standards, for oil based fluids.
Ronald E. Smith, Deep Down's president and chief executive officer commented, "Umbilical fluids used offshore are required to be nearly particle free, and call for frequent analyses. Until now, this analysis was performed manually with a microscope and took up to 30 minutes per sample resulting in many hours of analysis time. We are pleased to have been chosen by Hach Ultra to market and sell these time saving units to the offshore/subsea market. With the GlyCount(TM) liquid particle counter, these same analyses are completed, in triplicate, within about 10 seconds. The GlyCount(TM) liquid particle counter is a natural fit with all of Deep Down's offshore services and products as it saves time, provides reliable results, and helps get projects back online quicker."
"In addition, these rapid fluid particle counting systems can be used to test both manually collected samples and in-line samples. Together with our Electrowave USA division, Deep Down intends to integrate this vital in-line monitoring capability into our marine vessel monitoring systems and offer clients real-time monitoring of their on-board fluid conditions. We believe such a time and money saving device will be in high demand within our market, and we will be demonstrating it, along with the rest of Deep Down's services and products, at this week's Offshore Technology Conference in Houston, Texas," Smith concluded.
For more information about the GlyCount(TM) and PODS liquid particle counters, and all of Deep Down's subsea/deepwater services and products, please contact our sales department at (281) 862-2201.
About Hach Ultra
Hach Ultra is a wholly owned subsidiary of Danaher Corporation, a Fortune 500 leader. With nearly half a century of expertise in analytical instrumentation, Hach Ultra delivers the best solutions in quality monitoring and process analytics worldwide. Our products are coupled with global service expertise for Beverage, Electronics, Life Sciences, Power Generation and Oil & Gas industrial applications. Hach Ultra service offices and authorized distributors operate in more than 80 countries. The company has four research and development centers located in Europe and the United States. Our research programs and innovation help our customers meet regulations and optimize quality throughout their processes.
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project.
The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
The Company's Mako subsidiary serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys.
The Company's strategy is to consolidate service providers to the offshore industry, as well as designers and manufacturers of subsea, surface, and offshore rig equipment used by major, independent, and foreign national oil and gas companies in deep-water exploration and production of oil and gas throughout the world. Deep Down's customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit http://www.deepdowninc.com, http://www.electrowaveusa.com and http://www.makotechnologies.com.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
SOURCE Deep Down, Inc.
Deep Down Announces $5.5 Million Buoyancy Order
Friday May 9, 10:00 am ET
HOUSTON, May 9 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW - News) today announced that Flotation Technologies, Inc., a world leader in the engineering, design, and manufacturing of deepwater buoyancy and polyurethane elastomer systems, received a contract award for a unique, custom-designed riser buoyancy solution from an international energy company. The $5.5 million contract is expected to be delivered in the third and fourth quarters of 2008. The client and product are confidential due to the nature of the project.
ADVERTISEMENT
On April 17, Deep Down announced a definitive agreement to purchase all of the outstanding capital stock of Flotation Technologies, Inc. "We are very excited about the future of Flotation Technologies. We believe the 'cost of ownership' of many of its products is attractive due to lower maintenance, repair, and replacement requirements after installation. Buoyancy will become more important as the offshore energy industry continues its trend toward exploration and development activities in ultra-deep waters," commented Ronald E. Smith, Deep Down's president and CEO.
"This product is a solid example of the application of our engineering capabilities to create solutions for our customers' needs," commented David Capotosto, Flotation Technologies' executive vice-president. "Additionally, the contract highlights our ability to take engineering solutions and produce them in volume, with aggressive timelines."
"We are pleased to have been chosen as the contractor for this project," commented Fred Maguire, Flotation Technologies' sales and marketing manager. "It once again shows that Flotation Technologies has the design, engineering, and manufacturing capabilities to provide innovative, market-changing product solutions."
About Flotation Technologies
Flotation Technologies, Inc., based in Biddeford, Maine, is a world leader in the engineering, design, and manufacturing of deepwater buoyancy systems using high-strength Flotec(TM) syntactic foams and polyurethane elastomers. Focused on the offshore oil, oceanographic, seismic, and government markets, Flotation Technologies delivers world-class buoyancy products for a host of marine applications such as: distributed buoyancy for flexible pipes and umbilicals, drilling riser buoyancy modules, ROV buoyancy, QuickLoc(TM) cable floats, Hardball(TM) umbilical floats, FLOTECT(TM) cable and pipeline protection, Inflex(TM) polymer bend restrictors, and installation buoyancy of any size and depth rating. For more information, visit http://www.flotec.com.
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project.
The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
The Company's Mako subsidiary serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys.
The Company's strategy is to consolidate service providers to the offshore industry, as well as designers and manufacturers of subsea, surface, and offshore rig equipment used by major, independent, and foreign national oil and gas companies in deep-water exploration and production of oil and gas throughout the world. Deep Down's customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit http://www.deepdowninc.com, http://www.electrowaveusa.com and http://www.makotechnologies.com.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
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PR Newswire "US Press Releases "
HOUSTON, May 19 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced unaudited results for the first quarter ended March 31, 2008, on Form 10-Q filed with the U.S. Securities and Exchange Commission.
Deep Down generated revenue of $6,279,465 for the three months ended March 31, 2008, compared to $2,098,394 for the three months ended March 31, 2007, an increase of $4,181,071 or 199%. Increased activity from Deep Down's offshore subsea business, including service activity related to installation and recoveries of subsea equipment, the delivery of launch and recovery systems, loose tube steel flying leads, winch system refurbishments, and an active heave compensated in-line winch system accounted for $4,293,820 of this revenue, an increase of $2,195,426, or 105% over the same prior year period. The Mako Technologies and ElectroWave USA acquisitions accounted for $1,985,645 of this revenue, an increase of 94% over the same prior year period.
Gross margin for the three months ended March 31, 2008, was $2,403,094 compared to $846,305 in the same prior year period, an increase of $1,556,789 or 184%. Gross margin as a percentage of revenue was 38% in the current period as compared to 40% in the prior period.
Selling, general and administrative (SG&A) expenses for the three months ended March 31, 2008, were $1,762,247 compared to $659,651 for the same prior year period. The increase was primarily due to costs related to our acquisitions of Mako Technologies and ElectroWave USA. However, SG&A as a percent of net revenue was lower for the three months ended March 31, 2008, at approximately 28% compared to 31% for the same prior period.
Operating income for the three months ended March 31, 2008, was $342,698 compared to $122,629 for the same prior year period, an increase of 179%. Net loss for the three months ending March 31, 2008, was ($89,477) compared to ($109,258) for the same prior period. Income was impacted by interest expense related to the Credit Agreement entered into with a mezzanine lender in August 2007. For the three months ended March 31, 2008, interest expense was $769,030 compared to $231,887 for the same prior year period. Earnings before depreciation, interest, amortization, taxes and other non-cash charges (EBITDA) for the three months ended March 31, 2008, was $749,958, compared to $186,654, an increase of $563,304, or 302% over the same prior year period.
"We are very proud of our period-to-period comparisons for the first quarter. Revenues, gross profit, operating income and EBITDA experienced significant triple digit growth, driven by both organic growth and the addition of complementary acquisitions. The first quarter has been the weakest quarter for our company historically," commented Robert E. Chamberlain, Jr., Deep Down's Chairman.
"Our balance sheet continues to show improvements. Liquidity is strong with unrestricted cash and equivalents of $3,115,818 and a current ratio of 2.8. Our working capital position is $8,645,592 and we no longer have any shares of preferred stock outstanding. Stockholders' equity has improved dramatically and is now $18,716,186 compared to ($1,800,660) on March 31, 2007," said Eugene L. Butler, Deep Down's CFO.
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project.
The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
The Company's Mako subsidiary serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys.
The Company's strategy is to become a leading provider of products and services to the offshore industry, including shallow, deep, and ultra-deep water applications in oil and gas exploration, development and production activities, and maritime operations. Management plans to achieve this strategy through organic growth and strategic acquisitions of complementary businesses with technological advantages in deepwater environments. Deep Down's customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit http://www.deepdowninc.com, http://www.electrowaveusa.com and http://www.makotechnologies.com.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
http://biz.yahoo.com/prnews/080523/laf052.html?.v=101
Deep Down Receives $9.0 Million Order for Buoyancy
PR Newswire "US Press Releases "
HOUSTON, May 23 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced that it has received an approximately $9 million letter of intent from Delba International to supply and install the deepwater marine drilling riser flotation system for the new-build Delba III semisubmersible drilling rig.
The letter of intent is subject to the negotiation of a final purchase order. In addition, Deep Down is currently in negotiations with Delba International to supply and install the flotation system for the new-build Delba IV. Both the Delba III and the Delba IV are rated to drill in 2,400 meters of water but are readily upgradeable to 2,700 meters and have long term contracts to drill in Brazilian waters. The rig set of flotation for the Delba III is scheduled to be delivered in less than one year.
On April 17, Deep Down announced a definitive agreement to purchase all of the outstanding capital stock of Flotation Technologies, Inc. Flotation recently introduced its patent pending CoreTec(TM) drilling riser buoyancy modules, which Deep Down believes can become the industry standard for ultra deepwater applications. Subject to completion of this acquisition, it is expected that the drilling riser flotation systems to be provided under the Delba letter of intent will be manufactured by Flotation Technologies in Biddeford, Maine. Deep Down will handle installation of the drilling riser buoyancy.
"Our reputation for the service we provide in managing the installation of subsea hardware and flowlines is excellent. As a result of this reputation and the desire to source products and services from a smaller number of vendors, our customers are increasingly asking us to supply the products we install. We believe Flotation Technologies offers a superior, technologically-advantaged buoyancy product for deepwater applications. This order evidences the synergies achievable with our relationships in the industry," commented Ronald E. Smith., Deep Down's President and CEO.
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project.
The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
The Company's Mako subsidiary serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys.
The Company's strategy is to become a leading provider of products and services to the offshore industry, including shallow, deep and ultra-deep water applications in oil and gas exploration, development and production activities and maritime operations. Management plans to achieve this strategy through organic growth and strategic acquisitions of complementary businesses with technological advantages in deepwater environments. Deep Down's customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit http://www.deepdowninc.com, http://www.electrowaveusa.com and http://www.makotechnologies.com.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
SOURCE Deep Down, Inc.