Coast Guard Deepwater Program: Background, Oversight Issues, and Options for Congress [Updated June 22, 2007] [open pdf - 1MB]
From the Introduction: "Congress has several potential options it may consider for improving management and execution of the Deepwater program. Congress's decisions regarding the Deepwater program could significantly affect Coast Guard capabilities, Coast Guard funding requirements, and federal acquisition practices. [...] The management and execution of the Deepwater program has been strongly criticized in recent months by the Department of Homeland Security Inspector General (DHS IG), the Defense Acquisition University (DAU), the Government Accountability Office (GAO), several Members of Congress from committees and subcommittees that oversee the Coast Guard, and other observers. House and Senate committees and subcommittees have conducted several oversight hearings this year devoted partly or entirely to problems and concerns regarding the management and execution of the program."
CRS Report for Congress, RL33753