Deep Down, York Form Deepwater Joint Venture

By Houston Business Journal

Deep Down Inc. and private investment fund group York Capital Management have formed a joint venture called Cuming Flotation Technologies LLC.

The new venture will combine the operations of the Houston-based oilfield services companyâ¿¿s flotation technologies subsidiary and Cuming Corp.

Avon, Mass.-based Cuming, which makes flotation and insulation equipment for the offshore oil and gas industries, operates two companies in Houston.

Under the joint venture, New York-based York Capital will hold an 80 percent interest, while Deep Down (OTCBB: DPDW) will own the remaining interest through Flotation Tech LLC, which was formed by the assets and liabilities of Flotation Technologies Inc.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/01/03/deep-down-york-form-deepwater-joint.html?ana=thestreet

Copyright bizjournals.com 2010

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