The board of directors at deepwater oilfield services company Deep Down Inc. authorized the repurchase of $1 million common shares, the company said May 23.
The buyback will be funded from cash on hand and cash provided by operating activities. The buyback is scheduled to expire on March 31, 2017.
Ronald E. Smith, CEO, said the company is undervalued due to the current low oil price, but the company’s balance sheet is very strong, and operations should likely improve with its strong backlog. The company does not have any debt on the balance sheet, he said.
Deep Down Inc. is based in Houston.
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