Houston, Texas - Deep Down Inc. has gained orders worth more than $22 million for drilling-riser-flotation products on behalf of Matrix Asia Pacific Pty Ltd of Perth, Australia.
The Houston-based offshore oil-sector specialist also expects to add another $8 million in additional contracts.
Deep Down has an exclusive agreement with Matrix to introduce its complete line of drilling-riser flotation modules made of syntactic foam to the US market. Such modules provide buoyancy and reduce the weight of the riser string, which allows companies to drill in deeper depths with less tension.
As well as Matrix's proprietary syntactic foam formulation, Deep Down will be able to use the Australian group's practical, damage-resistant module design. Deep Down is currently acting as an agent and expects to earn over $600 000 in commissions, after expenses, on these orders.
Other Matrix products include buoyancy aids for ROVs (remotely operated vehicles) and other subsea applications, as well as moulded polyurethane products including bend restrictors, bend stiffeners, strakes for VIV (vortex-induced vibration) suppression, clamping systems, and cable and flowline protection.
Deep Down makes products for the subsea oil and gas sectors, and claims to have a strategy of consolidating service providers to offer a total service to the industry, and to designers and manufacturers of subsea, surface, and offshore rig equipment.