Deep Down Receives Riser Isolation Valve System Order for Whale Development

2/20, 2:13 PM (Source: GlobeNewswire)

HOUSTON, Feb. 20, 2020 (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 an order from Shell Offshore Inc. for work related to its Whale development in the U.S. Gulf of Mexico.

The order includes the design, engineering and manufacturing of a Riser Isolation Valve (RIV) control system as well as other subsea production equipment. The RIV control system will be installed on the floating production unit (FPU) to provide shutdown of production fluids.

The Whale FPU will operate in the Gulf of Mexico’s Alaminos Canyon Block 773, pending a positive final investment decision later this year.

Charles Njuguna, Deep Down’s President and CEO, stated, “We are pleased that Shell has once again turned to Deep Down to deliver reliable equipment and services for one of their largest exploration finds in the Gulf of Mexico in recent memory.”

About Deep Down, Inc. (
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.

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