Koil Energy Solutions to Provide Cable Management Services for Military Application
Koil Energy Solutions, Inc. (formerly Deep Down, Inc., OTCQB: DPDW) announced an order for cable management services for a military project in the northern US. This expansion beyond their traditional oil and gas sector highlights their strategic transformation. CEO Charles Njuguna emphasized that this contract validates their diversification strategy and the broader market potential for their services. The project will involve installation and recovery of fiberoptic cables for military exercises, marking a significant step in applying their capabilities in different industries.
- Received order for cable management services for a military project, diversifying operations.
- CEO stated that the project validates their strategic transformation and addresses a broader market.
- None.
The subsea technology solutions provider further diversifies its operations by supporting an inland military exercise
HOUSTON, May 31, 2022 (GLOBE NEWSWIRE) -- Koil Energy Solutions, Inc. (Koil), formerly known as Deep Down, Inc. (OTCQB: DPDW), an international specialist in subsea energy equipment and services, today announced the receipt of an order to provide cable management services for a military project in the northern half of the United States.
“Expanding our cable management expertise beyond our traditional oil and gas business was a key plank of our strategic transformation,” said Charles Njuguna, President and CEO of Koil Energy Solutions, Inc. “This award validates this strategy and further demonstrates the total addressable market for our services.”
The project will require Koil to provide equipment and personnel for installation and recovery activities for fiberoptic cables and accessories, which will be used for military exercises in inland waterways.
“While our primary focus remains on the energy industry, being called upon to support such a project provides further validation of the applicability of our capabilities in other industries,” said Njuguna.
About Koil Energy
Koil Energy is a leading energy services company offering subsea equipment and support services to the world’s energy and offshore industries. The Houston-based company founded in 1997 and formerly known as Deep Down, Inc. is comprised of world-class experts in engineering and manufacturing who provide innovative solutions to complex customer challenges with a fearless commitment to Energizing the Future. Koil Energy’s highly experienced team can support subsea engineering, manufacturing, installation, commissioning, and maintenance projects located anywhere in the world. Visit www.koilenergy.com to learn more.
Forward-Looking Statements Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
Investor Relations Contact:
Trevor Ashurst
VP of Finance
tashurst@koilenergy.com
Media Contact:
Hunter Dodson
Pierpont Communications
512-914-6745
hdodson@piercom.com
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