KOIL Energy Secures Significant Contract To Provide Innovative Subsea Equipment

Rhea-AI Summary

KOIL Energy Solutions, Inc. (OTCQB: KLNG) has secured a significant contract to provide Bend Stiffener Latchers (BSL®) to an operator in a new region. The proprietary BSL® technology secures subsea umbilicals to topside facilities without divers, using a single remote operated vehicle for engagement and disengagement. This innovative solution offers substantial cost savings and improved safety for operators.

CEO Erik Wiik emphasized that this award recognizes KOIL's continuous product development efforts and strengthens their position in the global subsea industry. The project, set to be completed in Q2 2025, involves engineering, procurement, manufacturing, and testing at KOIL's Houston facility. This contract marks an important step in KOIL's expansion into new markets and highlights their expertise in providing advanced subsea equipment and services.

Positive

• Secured a significant contract for Bend Stiffener Latchers (BSL®)
• Expansion into a new regional market
• Proprietary technology offers cost savings and improved safety
• Recognition of KOIL's strong technology position in the global subsea industry

Negative

• None.

HOUSTON, Aug. 08, 2024 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG), an international specialist in subsea equipment and services, today announces the award of a significant contract today for delivering Bend Stiffener Latchers (BSL®) to an operator in a new region.

Erik Wiik, the CEO of KOIL, said, "This award is a recognition of our team’s endeavors in continuously developing our products enabling growth in new markets and underscoring KOIL’s strong technology position in the global subsea industry. Our proprietary solution is designed to secure a subsea umbilical to a topside facility without the need for divers. The locking mechanism of the BSL® allows a single remote operated vehicle to engage or disengage the locking mechanism resulting in substantial savings and improved safety for the operator.”

Engineering, procurement, manufacturing, and testing of the BSL® units will take place at KOIL’s facility in Houston, TX, and the project is projected to be completed in the second quarter of 2025.

About KOIL

KOIL 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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/42f29f2e-91bb-48b3-ab9e-927dff47cfcc

FAQ

What is the new contract KOIL Energy (KLNG) has secured?

KOIL Energy (KLNG) has secured a significant contract to provide Bend Stiffener Latchers (BSL®) to an operator in a new region.

When is the KOIL Energy (KLNG) BSL® project expected to be completed?

The BSL® project for KOIL Energy (KLNG) is projected to be completed in the second quarter of 2025.

What are the advantages of KOIL Energy's (KLNG) Bend Stiffener Latchers?

KOIL Energy's (KLNG) Bend Stiffener Latchers offer substantial cost savings and improved safety by securing subsea umbilicals without divers, using a single remote operated vehicle for engagement and disengagement.

Where will KOIL Energy (KLNG) manufacture the BSL® units for the new contract?

KOIL Energy (KLNG) will engineer, manufacture, and test the BSL® units at their facility in Houston, TX.