Koil Energy Solutions Stock Price, News & Analysis

KOIL Energy Solutions (OTCQB: KLNG) has announced its expansion into Brazil with a new technology center in Macaé, marking a strategic move into the world's largest subsea market. The company has leased a 180,000 sq ft property with a 27,000 sq ft workshop that will accommodate engineering, manufacturing, testing, and service support activities.

The expansion is aligned with Brazil's goal to become one of the top five oil producers by 2030. The facility will operate under the newly established subsidiary, KOIL Energy Solutions Brasil LTDA. Located in Macaé, known as 'Cidade do Petróleo' and the center of Brazil's offshore petroleum industry, this expansion represents a significant step in KOIL Energy's growth strategy to support subsea customers in the region.

KOIL Energy Solutions (OTCQB: KLNG) announced that Vice President of Finance and Administration, Trevor Ashurst, will resign effective February 1, 2025. President and CEO Erik Wiik acknowledged Ashurst's significant contributions during his tenure, particularly in the company's rebranding efforts, establishment of a new state-of-the-art facility, and improvement of profitability. To support its growth trajectory, KOIL Energy has engaged SNRG , an Executive Search Firm, to recruit both a Chief Financial Officer and a Human Resources Manager.

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.

KOIL Energy Solutions (OTCQB: KLNG) has announced its participation in the upcoming Sidoti November Virtual Investor Conference on November 13-14, 2024. President and CEO Erik Wiik will deliver a presentation on November 13 at 10:45 AM ET and conduct one-on-one meetings with investors during both conference days. The event is accessible to all investors and financial professionals at no cost, with registration available through Sidoti's website.

Koil Energy Solutions (OTCQB: KLNG) reported strong Q3 2024 results with significant year-over-year growth. Revenue increased 27% to $5.2 million, while gross profit rose 50% to $2.1 million. The company achieved net income of $523,000, a $666,000 improvement from Q3 2023, and Adjusted EBITDA of $675,000, up $658,000 year-over-year. Gross margin improved to 40%, and earnings per share reached $0.04. The company's working capital stood at $4.9 million, including $3.1 million in cash. Growth was primarily driven by increased fixed-price contracts for subsea distribution equipment manufacturing.

Koil Energy Solutions (OTCQB: KLNG), a deepwater energy production and distribution equipment and services specialist, has scheduled its third quarter 2024 earnings release for Monday, November 4, 2024, before market opening. The company will host an investor conference call at 10:00 am Eastern Time on the same day to discuss the results. The earnings release and call replay will be accessible on the company's website under the Investors section.

KOIL Energy Solutions, Inc. (OTCQB: KLNG), a global leader in subsea equipment and services, has secured a significant contract for maintenance services on an offshore production platform for an international oil and gas company. The scope includes:

• Removal, welding, termination, and commissioning of specialty alloy tubing
• Termination and testing of electrical cables
• Supply of Topside Umbilical Termination Assembly and subsea commissioning Logic Caps

This contract highlights KOIL's expertise in managing critical repairs in confined spaces. Planning, engineering, and procurement activities have begun at KOIL's Houston facility, with offshore work expected to be completed in Q1 2025.

KOIL Energy Solutions, Inc. (OTCQB: KLNG) has announced its participation in the Sidoti September Virtual Investor Conference on September 18-19, 2024. Erik Wiik, President and CEO, will present on Wednesday, September 18, 2024, at 10:45 AM ET. The presentation will be accessible live via a provided link.

In addition to the presentation, KOIL will host virtual one-on-one meetings with investors on both days of the conference. Interested parties can register for the presentation or one-on-one sessions through the Sidoti website. Registration is free and open to all, regardless of Sidoti client status.

This event provides an opportunity for investors to gain insights into KOIL Energy Solutions and engage directly with its leadership.

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.