HOUSTON, TX — December 13, 2010 — Deep Down, Inc. (OTCBB: DPDW), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, today announced its Marine Technologies Division has delivered two Ballast and Alarm Monitoring Systems (BAMS) for the world's largest power barges. Each barge has a power output of 171 Megawatts (MW) and can be combined to deliver a total of 342MW. The barges were designed and engineered by Waller Marine of Houston, and built by Signal International. Each vessel is 300ft x 100ft and constructed to the approval of ABS. The barges are currently moored at their delivery destination where Deep Down's Marine Technologies Division will support the startup process.
Deep Down's BAMS monitors the barges' attitude, draft, tank levels, bilge levels, and fire alarms. Barges can operate independently or be combined using a fiber optic umbilical allowing monitoring from either barge. This unique approach reduces the manning requirement; thus, increasing the safety of the crew. Deep Down's BAMS also included a multilingual user interface for non-English speaking crews to operate the barge safely and effectively.
"Deep Down is very proud to be a part of this historic project," says Ronald E. Smith, Chief Executive Officer, Deep Down, Inc. "We feel very strongly about our future involvement in ultra-deepwater and in areas with harsh environments, where we can provide more emphasis on innovative designs, buoyancy to lighten the loads and marine automation to provide additional controls. We anticipate our automated ballast control system will be a stepping stone to similar projects and also supporting some of our new technology in ultra-deepwater."
About Deep Down, Inc.
Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, distributed and drill riser buoyancy, ROVs 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. The company's primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. More information about Deep Down is available at www.deepdowncorp.com.
Forward-Looking Statements
Information set forth in this document contain "forward-looking statements" (as defined in Section 21E of the Securities Exchange Act of 1934, as amended), which reflect Deep Down�s expectations regarding future events. The forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Deep Down and Cuming, including future financial and operating results, whether and when the transactions will be consummated, the new combined company's plans, market and other expectations, objectives, intentions and other statements that are not historical facts.
The following additional factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain financing and approvals for the transaction; the risk that any synergies from the transaction may not be realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the ability to successfully integrate the businesses, unexpected costs or unexpected liabilities that may arise from the transaction, whether or not consummated; the inability to retain key personnel; continuation or deterioration of current market conditions; future regulatory or legislative actions that could adversely affect the companies; and the business plans of the customers of the respective parties. Additional factors that may affect future results are contained in Deep Down's filings with the Securities and Exchange Commission ("SEC"), which are available at the SEC's web site http://www.sec.gov. Deep Down disclaims any obligation to update and revise statements contained in these materials based on new information or otherwise.
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