Flotation Technologies
A company with depth
Flotation Technologies Receives Major Order for Deepwater Marine Drilling Riser Flotation System
Delba Drilling chose the CoreTec™ product specifically for its unprecedented strength. “We believe the highly engineered CoreTec™ modules provide a superior and cost-effective solution with its demonstrated durability and longevity at ultra high ocean depths,” stated Drilmar Monteiro, Delba Drilling International Cooperatie U.A.
“For too long the drilling industry has been willing to accept an inherently weak product to be used in one of the most demanding services in the world,” said David Capotosto, president of Flotation Technologies. “Our CoreTec™ drilling riser buoyancy modules represent a quantum leap forward in design and engineering; we look forward to filling this new order and providing further proof regarding the superiority of this product.”
The system will be installed on the Delba III, a semisubmersible drilling rig currently under construction in Abu Dhabi. The Delba III is scheduled for delivery in early 2010 for drilling in Brazilian waters.
“We are currently in final contract negotiations for the Delba IV drilling rig, and we’re confident that our success on the Delba III project will be repeated in Delba IV as well as on similar, future initiatives,” commented Fred Maguire, sales and marketing manager of Flotation Technologies. “Even with the recent economic troubles throughout the world, demand for semisubmersibles and drillships is expected to continue to grow over the next year, with much of the demand in the South American region driven by Petrobras' exploration of its pre-salt reserves.”
About Flotation Technologies
Flotation Technologies, Inc., a wholly-owned subsidiary of Deep Down Inc., (OTCBB: DPDW), 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 www.flotec.com.
About Deep Down, Inc.
Deep Down, Inc. (OTCBB: DPDW), a publicly traded Nevada Corporation, provides, through its wholly owned subsidiary companies, services and technologies used in deepwater offshore exploration and production of oil and gas. Deep Down's customers are predominantly integrated, large independent, and foreign national oil and gas companies throughout the world. For more information about Deep Down, please contact the company at (281) 862-2201 x250 or ir@deepdowninc.com.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenues, acquisitions, projected costs, prospects, plans and objectives of management are forward-looking statements. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. All of the information provided in this release is as of February 23, 2009 and Flotation Technologies undertakes no duty to update the information provided herein.
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