Koil Energy Solutions to Provide LNG Energy Services

Rhea-AI Summary

Koil Energy Solutions (OTCQB: KLNG) announced a new order to provide services for an LNG project in the Gulf of Mexico. The initial phase involves installation engineering services, with future phases potentially including custom-designed equipment and flowline transpooling services. Discussions are underway for a multi-year service agreement, aiming to enhance the company's operations in both traditional and renewable energy sectors. The project is expected to be executed in the first half of 2023. This reflects Koil's commitment to bridging conventional oil and gas with new energy solutions.

Positive

• Received an order for LNG project services in the Gulf of Mexico.
• Initial phase includes installation engineering, paving the way for future contracts.
• Potential for a multi-year service agreement with major oil and gas operators.
• Expansion of service capabilities into renewable energy sectors.

Negative

• None.

HOUSTON, Feb. 21, 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 services for an LNG project in the Gulf of Mexico.

The first phase is for installation engineering services, with potential future scopes expected to include custom designed installation equipment, flowline transpooling services and later, a potential long-term service agreement in support of various offshore operations.

“As we continue to extend the reach of our core competencies beyond our traditional offerings, this award is one step further in our efforts to bridge the gap between traditional oil and gas and new forms of energy,” said Charles Njuguna, President and CEO of Koil Energy Solutions, Inc. “We continue to view ourselves as an energy-source agnostic service provider without differentiating our business between traditional and renewable energy.”

While the initial phases of the project are expected to be executed within the first half of 2023, discussions are ongoing for a multi-year service agreement similar to existing agreements the company has with major oil and gas operators.

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 services has Koil Energy Solutions been contracted for in the Gulf of Mexico?

Koil Energy Solutions has been contracted for installation engineering services for an LNG project in the Gulf of Mexico.

What is the potential future scope of work for KLNG in the LNG project?

The future scope may include custom designed installation equipment and flowline transpooling services, as well as a multi-year service agreement.

When is the project work expected to begin for KLNG?

The initial phases of the project are expected to be executed within the first half of 2023.

What is the significance of this new order for Koil Energy Solutions?

This order signifies Koil's strategic move to diversify its services beyond traditional oil and gas into renewable energy sectors.