The continuing ruckus about opening offshore drilling to the continental shelves of US coasts may be a good sound bite, but it is only that to those who are getting the job done in the Gulf of Mexico and around the world. In many respects, the offshore drilling of oil and gas is like an iceberg. Only the smallest part of the operation is visible on the surface – or the rig. The sea floor is where most of the action takes place, as drilling gets underway with small spider-veins of piping, and tie-back and flotation devices marking the sea floor like a road map. Navigating and building this road map is no easy task, but for those who can, profit will be waiting.
Deep Down Inc., a subsurface oil and gas drilling equipment and controls supplier, works to offer all equipment necessary to drill for oil and gas offshore. The company works with a “get it done” moniker and as a result can manufacture any part or provide any service required to drill at almost any depth. The company offers its services and capabilities in the Gulf of Mexico and internationally.
The company recently received two separate orders for driller riser floater systems, totaling $18 million. Each system is rated to 2,400 meters with the capacity to be upgraded to 2,700 meters. Long-term contracts for the systems have been arranged in connection with Brazilian projects. To meet this particular commitment, and expand its overall customer base, the company has purchased Flotation Technologies Inc. of Biddeford Maine. This acquisition will give the company additional expertise in deepwater flotation systems and manufacturing power for deepwater buoyancy products.
Given the growth in Gulf of Mexico offshore drilling, one might envision a larger revenue base for the company. In reality, the company is relatively small in scope with quite a bit of room to grow. Its product base is such that it serves every aspect of drilling offshore. In concept, this might seem a finite number of services, but in practice there are hundreds (if not thousands) of products and services the company does and/or could provide. Deep Down Inc. is most certainly experiencing solid results in its sales practices, and could see substantial gains as the world’s oil and gas companies continue to drill deeper and deeper.
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