KOIL Energy Secures Significant Contract to Deliver Subsea Distribution Manifolds for West Africa Project
Rhea-AI Summary
KOIL Energy Solutions (OTCQB: KLNG) has secured a significant contract from a major international oil and gas company to supply Electrical and Hydraulic Distribution Manifolds for a West African project. The scope includes engineering, procurement, fabrication, assembly, and testing of manifolds that will distribute electrical and hydraulic power to regulate oil and gas flow through existing subsea infrastructure.
The project will be executed at KOIL's Houston facility, with final delivery scheduled for the second half of 2025. The company's in-house capabilities, from carbon steel fabrication to specialty alloy tube welding, ensure quality control throughout the manufacturing process.
Positive
- Secured major contract from international oil and gas company
- Project leverages core technological expertise in subsea sector
- Utilizes existing in-house manufacturing capabilities
Negative
- Long delivery timeline extending to second half of 2025
- Project concentration risk in single geographic region
News Market Reaction 1 Alert
On the day this news was published, KLNG gained 7.37%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, Dec. 18, 2024 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG) has been awarded a significant contract to supply Electrical and Hydraulic Distribution Manifolds for a project in West Africa. This award, from a prominent international oil and gas company, highlights KOIL's core technological expertise and solidifies its position as a trusted partner in the subsea sector.
The manifolds will play a critical role in distributing electrical and hydraulic power to regulate the flow of oil and gas through existing subsea infrastructure. The scope of work for this project includes engineering, procurement, fabrication, assembly, and testing of the manifolds and related equipment.
KOIL is renowned for delivering competitive, high-performance subsea distribution systems worldwide. By leveraging years of industry experience and applying practical design solutions, the company offers reliable and efficient subsea products. KOIL’s in-house capabilities—ranging from carbon steel fabrication to specialty alloy tube welding—ensure precise control over the manufacturing process, ensuring the highest standards of quality.
The project will be carried out at KOIL's facility in Houston, Texas, with final delivery estimated for the second half of 2025. The manifolds will be shipped to the West African site once production is complete.
About KOIL
KOIL is a leading energy services company offering subsea equipment and support services to the world’s energy and offshore industries. Founded in 1997, the Houston-based company 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’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.
Investor Relations Contact:
Trevor Ashurst
VP of Finance
ir@koilenergy.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/71063321-0276-4b69-bf73-21634da86eda
FAQ
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