Deep Down Announces Plans to Move to New Headquarters in Houston, Texas

Rhea-AI Summary

Deep Down, Inc. (OTCQB: DPDW) announced plans to relocate its headquarters to a new facility in Houston, Texas, aimed at enhancing operations and growth. The move aims to reduce the company’s carbon footprint, streamline costs, and attract talent. The new location at 1310 Rankin Road will provide 101,000 square feet for fabricating products like steel flying leads and subsea equipment for oil, gas, and renewable energy applications. The ten-year lease starts by May 5, 2022, facilitating easier access for customers traveling through George Bush Intercontinental Airport.

Positive

• New headquarters location aims to streamline operations and attract talent.
• Facility will support fabrication of custom engineered products for diverse energy sectors.
• Proximity to major airport enhances customer accessibility.

Negative

• None.

HOUSTON, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW) (“Deep Down” or the “Company”), a specialist in offshore energy equipment and services, today announced plans to relocate its headquarters in Houston, Texas to further advance the operations and growth of the Company.

“Moving to this facility will enable us to reduce our carbon footprint, further streamline our cost structure and attract high caliber talent as we reposition the company for future growth,” said Deep Down President and CEO Charles Njuguna. “Being located close to the George Bush Intercontinental Airport in Houston will also make it easier for our national and international customers to stop by our facility as they travel into and out of Houston.”

Located at 1310 Rankin Road, Deep Down entered into a commercial lease agreement with Wellbore Integrity Solutions, LLC for the lease of approximately 101,000 square feet of office and warehouse space. The term of the lease is for ten years, with a commencement date of no later than May 5, 2022. Deep Down will primarily use the facility for fabrication of custom engineered products, such as its steel flying leads and various umbilical accessories, as well as other subsea equipment for both oil and gas and renewable energy applications.

About Deep Down, Inc. (www.deepdowninc.com)
Deep Down is a leading energy services company offering subsea equipment and support services to the world’s energy and offshore industries. Deep Down provides innovative solutions to complex customer challenges presented between the production facility and the energy source. Deep Down’s core services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, and related services. Additionally, Deep Down’s highly experienced team can support subsea engineering, manufacturing, installation, commissioning, and maintenance projects located anywhere in the world.

Forward-Looking Statements
Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.

Investor Relations:
Trevor Ashurst
ir@deepdowninc.com
281-862-2201

FAQ

What are the benefits of Deep Down relocating its headquarters?

The relocation is expected to streamline operations, reduce carbon footprint, and attract high-quality talent, ultimately aiding future growth.

Where is Deep Down's new headquarters located?

Deep Down's new headquarters will be located at 1310 Rankin Road, Houston, Texas.

When will Deep Down's new headquarters officially open?

The new headquarters is set to commence operations no later than May 5, 2022.

How large is Deep Down's new facility?

The new facility will cover approximately 101,000 square feet.

What types of products will be fabricated at the new facility?

The facility will focus on custom engineered products like steel flying leads and subsea equipment for both oil and gas and renewable energy applications.