Koil Energy Solutions to Provide Critical Subsea Equipment for Shenandoah Development

Rhea-AI Summary

Koil Energy Solutions, Inc. (OTCQB: KLNG) announced a significant contract to supply subsea distribution equipment for the Shenandoah project in the Gulf of Mexico. This order involves the provision of over 70 Multi Quick Connect (MQC) plates designed for 20,000 psi applications, reflecting a shift from component supply to full systems provision. The multi-million-dollar project underscores Koil's commitment to advancing subsea technology, with completion expected by the end of 2023. Koil Energy Solutions specializes in subsea equipment and services for the offshore energy sector, enhancing its reputation as a systems provider.

Positive

• Secured a multi-million-dollar order for subsea distribution equipment.
• Transitioning from component provider to full systems provider.
• Project involves advanced 20,000 psi applications, highlighting technological leadership.

Negative

• None.

HOUSTON, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Koil Energy Solutions, Inc. (OTCQB: KLNG), an international specialist in subsea energy equipment and services, today announced the receipt of an order to provide subsea distribution equipment for the Shenandoah project, a 17,500 psi development in the US Gulf of Mexico.

“This award is further validation of our strategy to rebrand and reposition the company from a provider of components to a full systems provider,” said Charles Njuguna, President and CEO of Koil Energy Solutions, Inc.

The multi-million-dollar project is for the provision of 70+ Multi Quick Connect (MQC) plates, which are critical pieces of subsea infrastructure used to enable the transfer of different fluids between subsea systems. The equipment will be qualified for 20,000 psi applications.

Njuguna concluded, “With 20,000 psi applications being the next frontier in deepwater developments, the selection of our equipment is a testament to our team’s commitment to playing a leading role in the advancement of subsea technology.”

The project is expected to be substantially complete by the end of 2023.

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

FAQ

What recent contract did Koil Energy Solutions announce for KLNG?

Koil Energy Solutions announced a contract to provide subsea distribution equipment for the Shenandoah project in the Gulf of Mexico.

What are the specifications of the equipment Koil Energy is supplying?

The order includes over 70 Multi Quick Connect (MQC) plates designed for 20,000 psi applications.

When is the Shenandoah project expected to be completed?

The project is expected to be substantially complete by the end of 2023.

What does the recent order signify for Koil Energy's business strategy?

The order signifies Koil's strategic shift from being a component provider to a full systems provider.

How does the Shenandoah project impact Koil Energy's market position?

The project reinforces Koil's commitment to leading advancements in subsea technology and equipment.