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May 12, 2008

Buoyancy co. gets more buoyant

Flotation Technologies Inc., in Biddeford, has received a $5.5 million contract to build a custom-designed buoyancy "solution" for an unnamed international energy company.

The client and product are confidential due to the nature of the project, according to a press release from the company. Flotation Technologies designs and manufactures deepwater buoyancy and polyurethane elastomer systems.

On April 18, Houston-based Deep Down Inc. acquired Flotation Technologies in a stock deal estimated at $23 million.

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