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Deep Down’s Intellectual Property Continues to Grow
Friday, December 18, 2009
Houston, TX -- Deep Down, Inc. (OTCBB: DPDW) today announced that its wholly-owned subsidiary, Flotation Technologies, has been awarded a patent number US 7,628,665 B1 by the United States Patent and Trademark Office for "Drilling Riser Buoyancy Modules". In general, the granted patent provides broad protection for the design of the CoreTec Drilling Riser Buoyancy Module.
Drilling riser buoyancy modules are designed to attach to the outside of a drilling riser string and provide buoyancy to offset a percentage of the weight from this string. Addition of these modules allows for drilling in deeper water. These drilling riser buoyancy modules are subjected to extremely rough handling both in storage and in service which can cause severe and costly damage to the modules. The CoreTec drilling riser buoyancy module system combats this rough handling through the invention of its ToughSkin outer shell molded from a high strength polymer. This exterior shell provides an unprecedented level of protection for the buoyant inner core from both impact and abrasion.
"Deep Down is pleased to add this patent to its ever-growing portfolio of intellectual property. This patent represents the company's engineering excellence and leadership in the global subsea market," stated Ronald E. Smith, Deep Down's President and Chief Executive Officer. "A growing number of companies have now recognized the many advantages of our CoreTec drilling riser buoyancy modules and we look forward to continuing innovation by providing the market smarter overall products and solutions."
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. Deep Down provides these services through its subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the Company at (281) 517-5000, or firstname.lastname@example.org.
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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