HOUSTON, Feb. 27 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced it has opened new corporate headquarters in Northwest Houston, at 8827 W. Sam Houston Parkway, N., Suite 100, Houston, Texas 77040.
"In just two short years, Deep Down's workforce has grown from less than 50 to more than 165 employees, we have successfully completed three acquisitions, the most recent being our Maine buoyancy facility, and we have more than quadrupled our annual revenues since then," commented Ronald E. Smith, Deep Down's president and chief executive officer. "The new corporate headquarters will allow us to more effectively manage our current operations as well as future acquisitions.
The new location will provide needed space for Deep Down's corporate operations, including its chief executive officer, chief financial officer, chief acquisition officer, operations, business development, investor relations, and their support staff. Deep Down also operates service and fabrication facilities in Channelview, Texas, Morgan City, Louisiana, and Biddeford, Maine.
"In spite of the oil and gas industry's current volatility, the offshore deepwater services subsector continues to increase. Deep Down remains committed to its strategy of providing the expertise and subsea technologies required to help customers meet today's offshore oil production challenges. Moreover, both the recent expansion of our Channelview, Texas, service and fabrication facility, and the expansion currently underway at our Biddeford, Maine, buoyancy facility, were calculated to allow us to take full advantage of the increasing need for service and technological solutions developing deepwater oilfields," Smith concluded.
Contact numbers for Deep Down's various operations are:
Facility Location Phone
Corporate Headquarters Houston, Texas (281) 517-5000
Subsea Service & Technology Channelview, Texas (281) 869-2201
Marine Automation Services Channelview, Texas (713) 896-7799
Buoyancy Services Biddeford, Maine (207) 282-7749
ROV & Equipment Rental Services Morgan City, Louisiana (985) 385-7817
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 ROV tooling, as well as 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. Deep Down provides these services through its four subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the company at (281) 517-5000, or ir@deepdowninc.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.
