Deep Down Inc (OTCMKTS:DPDW) Stock In a Range: Here is The Latest Development
Shares of Deep Down Inc (OTCMKTS:DPDW) have been moving within a narrow range over the past few sessions.
Traders Corner
On Tuesday, DPDW stock ended flat at $0.59 with more than 2.8K shares, compared to its average volume of 6.26K shares. The stock moved within a range of $0.5900 – 0.5900 after opening trade at $0.59.
Koil Energy Undergoes Rebranding and Builds on the Future of Subsea Solutions
Koil Energy has announced on March 01, 2022, about rebranding from Deep Down, Inc (OTCMKTS:DPDW). The announcement was made at Subsea Tieback Forum and Exhibition in Galveston, Texas. It focuses on the company’s goal to energize the future of the subsea energy sector, while adhering to a standard of creative solutions developed over the years.
The company’s core offering has generally involved subsea umbilicals, risers and flowlines (SURF) sector of the oil and gas industry. Core products include the following:
Patented flying leads, Multi quick connector systems including a 20,000psi version under development, Riser isolation valve systems, Intervention equipment, A wide range of umbilical terminations and accessories Offshore installation equipment.
Since Koil Energy has a reputation for not shying away from nebulous needs, it has built an impressive database of clients worldwide, and is being sought by renewable energy participants as well. The company also has a unique spooling expertise, which is increasingly featured in discussions about management of offshore wind cables. The company has recently announced about shifting its base of operations to a new facility that can handle the diverse offerings of the team located in Houston, in a much better way.
Key Quote
“Koil Energy may be a new name, but our DNA remains the same. For the past 25 years, customers have come to depend on us not only for our results and reliability, but our fearless drive to solve complex problems with never-before-seen solutions for the toughest deepwater challenges,” said Charles Njuguna, President and CEO of Koil Energy.
Technical Data
DPDW stock is trading below the 50-Day and 200-Day Moving averages of $0.60 and $0.66 respectively. Moreover, the stock is above the 20-Day moving average of $0.59.
