Deep Down, Inc., an oilfield services company serving the offshore exploration and production industry, has received an order valued at $13 million.
Deep Down said that the order received from an undisclosed client is the largest in the company’s history.
According to Deep Down, the order includes one phase of new systems and equipment to be delivered in 2016 for installation in the Gulf of Mexico. The project is structured to ensure a continuous cash-positive position for the company, Deep Down has said.
Ron Smith, Chief Executive Officer of Deep Down, Inc., said: “Receiving an order of this magnitude, during the current industry downturn, is a major vote of confidence in our ability to continue providing innovative solutions for our customers. We are humbled by the trust placed in us and are well prepared for the work ahead.”