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Press Release: Deepwater Offshore Oil and Gas Specialist Deep Down Reports 2018 Results and Hosts Investor Call Tomorrow, Tuesday April 16th at 10am ET


HOUSTON, April 15, 2019 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQX: DPDW), a specialist in deep water oil and gas production and distribution equipment and services, today reported results for its year ended December 31, 2018. Deep Down will hold a conference call tomorrow, Tuesday, April 16th at 10:00 am ET to review its results and 2019 outlook (call details below).Deep Down at a Glance:
Ronald E. Smith, CEO, stated, “Due to the slower than expected pace of commissioning for new offshore projects, our full year 2018 revenues fell short of our expectations. However, we accomplished several other key initiatives aimed at driving future sales growth while streamlining our operational costs to levels appropriate to achieve our fiscal 2019 goals. Notably, we made significant strides advancing our pipeline of revenue opportunities for operations in the Gulf of Mexico, and on a company-wide basis we entered 2019 with an order backlog of $15 million.
“There has been a resurgence in exploration, development and production across the Gulf of Mexico where a sizeable portion of the global oil supply lies. In March, we announced $4.4M in new orders from various operators for subsea equipment and offshore services in the Gulf of Mexico. Nearly 75% of the work was for U.S. operations and the balance was for a project based in Mexico. We believe our 2019 sales momentum will be driven largely by activity in this region where operators are seeing success focusing on incremental near-field opportunities.“Internationally, there has been a noticeable uptick in deep water spending with a number of governments implementing fiscal incentives to attract investment in new deep-water projects. For example, Latin America is emerging as a region of future opportunity as a result of an increase in exploration projects being initiated by large operators. Our efforts to focus business development efforts in markets where we have seen ramping exploration activity continue to bear fruit. As an example, we expect to be fully operational in one new international location this year, subject to final local regulatory approvals.”Operating Results
Despite a solid increase in new inquiries for deep water equipment and services throughout the year, Deep Down’s Q4'18 revenues declined to $4.5 million compared to $5.0 million in Q4'17, and 2018 revenues decreased to $16.2 million, compared with $19.5 million in 2017. Full year 2018 results reflected a slower than expected rebound in the commencement of new projects as compared to 2017, as well as some disruption in procurement activity related to market and e...


Posted: 2019-04-16 01:07:00

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