Deep Down, Inc., an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services announced that is has consolidated the operations of its ROV and related services group as part of its ongoing cost containment program.
The consolidation of all operations and assets previously located in Morgan City, LA are now operating out of the Houston, TX facility.
Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, “After careful evaluation of all other options, we decided the best value for our shareholders was to consolidate all of our operations. We were able to reduce workforce by 10% and expect to recognize additional cost savings during the second half of 2012 and beyond. Our customers will benefit from increased visibility of these services and synergies in our operations.”
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Press Release, August 28, 2012