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Deep Down Inc.

01/23/2020 | Press release | Distributed by Public on 01/23/2020 07:28

Offshore Oil and Gas Services Specialist Deep Down, Inc. Adds Two Executives To Support Growth Strategies

HOUSTON, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW), a specialist in subsea oil and gas production control equipment and services, announced today the appointment of veteran oil and gas industry executives Richard Blackett as Vice President of Sales and Business Development, and Trevor Ashurst as Vice President of Finance, both new roles at the Company.

Mr. Blackett, 48, most recently served as Global Vice President for Offshore Production in his thirteen years at National Oilwell Varco (NOV) based in Houston, Texas. Mr. Blackett led NOV's effort to secure offshore production projects targeting primarily Subsea Umbilicals, Risers and Flowlines (SURF) and topside production solutions. Additionally, he established strategic alliance agreements to expand NOV's participation in conceptual studies, pre-FEED and FEED studies, mooring and subsea tieback systems.

Prior to NOV, Mr. Blackett spent nine years with various oilfield service companies, where he held progressive roles as project engineer designing and building equipment and project manager supervising projects for both onshore and offshore applications. Mr. Blackett earned a Bachelor of Science in Business Administration at Penn State University and served in the United States Navy from 1989 to 1997.

Mr. Ashurst, 37, most recently served as both the Manager of Global Financial Planning and Analysis and Manager of Investor Relations at Dril-Quip, Inc. Prior to holding these dual roles, he was instrumental in Dril-Quip's M&A activities as part of their Corporate Development group, ultimately serving as the Finance Manager for a newly acquired subsidiary.

Prior to Dril-Quip, Mr. Ashurst spent three years working in institutional sales and equity research with a primary focus on upstream energy companies at Miller Tabak & Co in Houston, Texas and four years working in KPMG's external audit practice in Dallas, Texas. Mr. Ashurst holds a BBA in Accounting, a Master of Science in Accounting, and an MBA from the Cox School of Business at Southern Methodist University.

Charles Njuguna, Deep Down CEO, stated, 'We are delighted to welcome these two gentlemen as they both bring a wide range of relevant experience and skills to our organization. Richard and Trevor are not only great complements to our existing personnel, but they also fill strategic needs to help tap our creativity and drive the next stage of our growth as a premier offshore solutions provider. We are confident this puts Deep Down in an even stronger position to play a key role in a newly evolved ecosystem of operators, OEM's and strategic partners.'

About Deep Down, Inc. (www.deepdowninc.com)
Deep Down focuses on complex deepwater and ultra-deepwater oil and gas production distribution system technologies and support services, connecting the platform and the wellhead. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, installation buoyancy, remotely operated vehicles and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions.

Forward-Looking Statements Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.

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Investor Relations:
Catalyst IR
Chris Eddy or David Collins
212-924-9800
[email protected]