DPDW Gapping after announcing coverage by Dahlman Rose and a $1.50 Price target
Dahlman Rose Initiates Research on Deep Down
HOUSTON, July 26 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced that Dahlman Rose & Company, LLC (MEMBER: NASD/SIPC) has initiated research coverage of the Company with a BUY rating and a target price of $1.50 per share.
'The management team and employees of Deep Down are very pleased with this unsolicited and uncompensated research by such a prestigious firm. We believe this interest in providing coverage lends credible third-party validation that our business model is sound and capable of generating significant shareholder value,' commented Robert E. Chamberlain, Jr., Deep Down's chairman.
'In seven months since listing DPDW on the over-the-counter Bulletin Board(R) (OTCBB) exchange, Deep Down's strategy of organic growth, coupled with strategic acquisitions of complementary industry service providers such as ElectroWave USA and our currently pending acquisition of Mako Technologies, is gaining significant momentum,' Chamberlain concluded.
About Dahlman Rose & Co., LLC
Dahlman Rose & Company, LLC (MEMBER: NASD/SIPC) is a leading full-service investment bank that offers exceptional value-added research, trading, and advisory services about growing companies, specializing in verticals within the energy sector, including marine shipping and offshore services, oilfield services, and electric utilities. Furthermore, Dahlman Rose offers investment banking capabilities across the entire capital structure to clients in the U.S. and globally. The firm provides performance for its clients through its sector specialization, and its personnel are attuned to the important day-to- day drivers in daily share price movement. Their team has cultivated a thorough understanding of these industries and their drivers by leveraging relationships with an extensive roster of company management and industry contacts. Dahlman Rose has offices in New York, Houston, San Francisco, and New Orleans. Further information on Dahlman Rose may be obtained at http://www.dahlmanrose.com
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication, and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project. The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
The Company's strategy is to consolidate service providers to the offshore industry, as well as designers and manufacturers of subsea, surface, and offshore rig equipment used by major, independent, and foreign national oil and gas companies in deep-water exploration and production of oil and gas throughout the world. Deep Down's customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit http://www.deepdowninc.com
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered 'forward-looking statements,' generally preceded by words such as 'plans,' 'expects,' 'believes,' 'anticipates,' or 'intends.' We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.