Deep Down Returns to Profit

Deep Down, an oilfield services company, has reported quarterly net income of $0.5 million, or $0.03 per diluted share, compared to a net loss of $0.5 million, or ($0.03) loss per diluted share for the second quarter of 2016.

Revenues for the quarter ended June 30, 2017 were $5.4 million compared to revenues of $6.0 million for the quarter ended June 30, 2016. The $0.6 million (11 percent) decrease is primarily a result of fewer jobs in process during the second quarter of 2017 compared to 2016.

Gross profit for the quarter ended June 30, 2017 was $2.7 million, or 50 percent of revenues, compared to $1.9 million, or 33 percent of revenues, for the quarter ended June 30, 2016. Despite the lower revenues in 2017, gross profit increased by $0.7 million, or 17 percent increase in gross profit percentage, due to a larger portion of higher margin service work and resolution of an outstanding customer issue.

At June 30, 2017, Deep Down had working capital of $11.1 million, including cash of just under $7.2 million.

Ronald E. Smith, CEO, stated: “We are pleased with our performance during the first half of the year, especially in light of the challenges across the industry. However, while we were able to realize markedly improved gross margins during the first half of the year, delays in contract executions will likely hamper our performance during the latter part of the year.

“We therefore anticipate focusing more on service projects, and feel confident that our strong balance sheet, and continuous organizational optimization efforts, will enable us to continue being a preferred solution provider, as we continue creating the most value for our customers, shareholders and employees.”

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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