Deep Down, an oilfield services company serving the offshore exploration and production industry, went from red to black and boosted its revenues during the third quarter of 2016 as a result of starting new offshore projects.
For the third quarter of 2016, Deep Down reported a net income of approximately $1 million, compared to a net loss of $0.6 million for the third quarter of 2015.
Revenues for the quarter ended September 30, 2016, were $9.2 million compared to revenues of $6.1 million for the quarter ended September 30, 2015.
According to the company, the increase of just over $3 million is a result of the beginning of procurement and manufacturing activities on several offshore projects that were delayed in prior quarters.
Ronald E. Smith, Chief Executive Officer, stated, “More than two years following significant decreases in oil prices, the industry has adjusted to the new normal of lower prices. As companies continue to adapt, the industry is transitioning towards focusing on the total cost of a project, rather than simply pushing for reduced prices.”
Offshore Energy Today Staff