DPDW - DPDW STOCK NEWS

Deep Down, Inc. (OTCQB: DPDW) has secured an order exceeding $1.7 million for installation equipment and services, scheduled for completion by the end of 2022. This project involves the installation of Deep Down's equipment destined for the Gulf of Mexico, with collaboration occurring at an overseas facility. CEO Charles Njuguna noted the project underscores customer confidence in their integrated subsea solutions. The company is poised to deploy skilled teams globally as travel restrictions lift, enhancing support for customer projects.

Deep Down, Inc. (OTCQB: DPDW) announced the appointment of Russ McBeth as the new Director of Business Development. McBeth brings over 25 years of experience in the subsea production industry, previously serving as Vice President of Business Development at Ion Pro Services and holding key roles at Dril-Quip and TechnipFMC. CEO Charles Njuguna highlighted that McBeth's expertise will aid in achieving sustainable revenue growth, an essential goal for maximizing shareholder value.

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.

Deep Down, a specialist in offshore energy equipment, reported a Q3 2021 revenue of $3.6 million, reflecting a 13% increase year-over-year. Despite this growth, gross profit decreased to $0.8 million (24% of revenues) due to rising labor costs and pricing pressures. The company achieved a net profit of $0.3 million compared to a loss in Q3 2020, aided by the forgiveness of a PPP loan. Total shareholders' equity stood at $9.1 million, positioning Deep Down favorably for growth amid improving market conditions.

Deep Down, Inc. (OTCQB: DPDW) will host an investor conference call on November 12, 2021, at 10:00 AM ET to discuss its third quarter 2021 results, which will be released after market close on November 11, 2021. The conference call will provide insights into the company’s performance in the energy services sector, particularly in subsea equipment and support services for offshore industries. Investors can access the call via toll-free numbers or through a webcast.

Deep Down, Inc. (OTCQB: DPDW) has secured a contract valued between $0.7 million and $1.0 million for the rental of its 3,400 metric ton carousel and umbilical spooling services. The project involves mobilizing the carousel to manage up to four umbilicals for offshore installation in the Gulf of Mexico. Completion is expected by the end of 2021. Charles Njuguna, CEO, highlights the contract as a testament to the company’s reputation and the revival of partnerships with major industry players.

Deep Down, Inc. (OTCQB: DPDW) successfully completed a major project involving the rental of a 3,500 metric ton carousel and umbilical spooling services. This included the mounting and sea-fastening of the carousel onto a barge, trans-spooling 93,600 meters of umbilicals, and transporting the carousel to a secondary base. CEO Charles Njuguna highlighted the project's success, noting no personnel injuries or environmental impact, and praised team collaboration. The company continues to focus on deepwater energy production technologies.

Deep Down, Inc. (OTCQB: DPDW) announced its Q2 2021 results, reporting revenues of $4.5 million, a 66% increase from Q2 2020. Despite gross profits rising to $1.4 million, the gross profit margin decreased to 31% due to rising material costs. The company recorded a net income of $0.7 million ($0.06 per diluted share), contrasting with a net loss of $5.3 million in the previous year. Cash reserves stand at $4.1 million, with a total shareholders' equity of $8.8 million. Deep Down aims to leverage the positive market trends as it navigates uncertainties related to COVID-19.

Deep Down, Inc. (OTCQB: DPDW) has announced an investor conference call to discuss its second quarter 2021 results, scheduled for August 17, 2021, at 10:00 AM ET. The financial results will be released on August 16, 2021, after market close. The company specializes in deepwater oil and gas production and distribution equipment, offering a range of services including engineering, installation, and maintenance projects. Interested investors can access the call via dial-in or a web link provided in the announcement.