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Deep Down Granted Patent on Innovative Subsea Umbilical Technology
Thursday, May 20, 2010
Houston, TX -- Deep Down, Inc. (OTC Bulletin Board: DPDW), an oilfield services company specializing in products and services for the deepwater and ultra-deepwater oil and gas industry, today announced a patent on a novel subsea umbilical-splicing technology that looks to provide new alternative solutions for oil and gas distribution systems. United States Patent and Trademark Office (USPTO) issued patent number 7,699,353, "Compliant Splice" which details the use of a new method and apparatus used to join existing segments of subsea umbilicals together. Subsea umbilicals are used in a number of applications in the exploration and production of oil and gas reserves found around the world. These applications include subsea well control, fluid handling, and other critical functions.
This new technology will provide oil and gas producers, as well as their support contractors, the ability to integrate existing umbilical segments into a variety of more efficient and effective configurations by creating a flexible, environmentally sealed "splice" between two or more subsea umbilicals, thereby creating a single, longer umbilical. This ability to quickly adapt existing subsea control, chemical injection and gas lift umbilicals into multiple arrangements will greatly reduce the turnaround time to complete subsea operations, and bring a higher level of efficiency to the oil and gas industry.
Ronald E. Smith, Chief Executive Officer, stated, "Using umbilical splices in their current form has long been a major hurdle to overcome for installation contractors. This is no longer the case with Deep Down's new patented design. Our patented solution will now allow multi-segment umbilicals to more efficiently conform to the shape of storage reels or carousels, as well as allowing Deep Down to support our customers in over boarding these spliced umbilicals without any additional specialized equipment, all while under full tension. Having the ability to make use of existing umbilicals in different configurations by joining them together provides our customers with greater flexibility in their field developments and contingency planning. This has been an effective tool for us in the past, and I am pleased that this Deep Down advancement is now recognized and protected."
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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