Deep Down dives to wider loss

Diving deeper: Deep Down.

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Noah Brenner

 19 November 2010 18:33 GMT

Deep-water services specialist Deep Down posted a third quarter net loss of $3.4 million or 2 cents per share, compared to a loss of $2.1 million or 1 cent per share in the prior year quarter.



Revenues for the quarter were $11.4 million, compared to $8.4 million in the same quarter last year.

The company said in an RTT News report that the increase in revenues was due primarily to higher utilisation of equipment, ROVs and personnel, increased equipment and tooling rentals, greater demand for engineered subsea projects and increased manufacture of products for deep-water projects.

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