BIDDEFORD, Maine - May 9, 2008 - Flotation Technologies, Inc., a world leader in the engineering, design and manufacturing of deepwater buoyancy and polyurethane elastomer systems, today announced a follow on contract award for a unique, custom-designed, riser buoyancy solution for an international energy company. The $5.5 million contract will be delivered in the third and fourth quarters of 2008. The client and product are confidential, due to the nature of the project.
"This product is a solid example of the application of our engineering capabilities to create solutions for our customer's needs," commented David Capotosto, executive vice president, Flotation Technologies. "Additionally, the contract highlights our ability to take engineering solutions and produce them in volume, with aggressive timelines."
"We are pleased to have been chosen as the contractor for this project," said Fred Maguire, sales and marketing manager, Flotation Technologies. "It once again shows that Flotation Technologies has the design, engineering and manufacturing capabilities to provide innovative, market-changing, product solutions."
On April 18, Flotation Technologies announced that it will be acquired by Houston-based Deep Down, Inc., (OTC Bulletin Board: DPDW).
About Flotation Technologies, Inc.
Flotation Technologies, Inc., based in Biddeford, Maine, is a world leader in the engineering, design and manufacturing of deepwater buoyancy systems using high-strength Flotec™ syntactic foams and polyurethane elastomers. Focused on the offshore oil, oceanographic, seismic and government markets, Flotation Technologies delivers world-class buoyancy products for a host of marine applications such as: distributed buoyancy for flexible pipes and umbilicals, drilling riser buoyancy modules, ROV buoyancy, QuickLoc™ cable floats, Hardball™ umbilical floats, FLOTECT™ cable and pipeline protection, Inflex™ polymer bend restrictors and installation buoyancy of any size and depth rating. For more information, visit flotec.com.
Media Contact:
Stephanie J. O'Brien
McClain Marketing Group
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sobrien@mcclainmarketing.com