Alliance to push the boundaries of subsea field development
KOIL Energy Solutions (OTCQB: KLNG) and Norway's SubseaDesign AS have announced a strategic alliance to advance subsea technology development.
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Rhea-AI Summary
KOIL Energy Solutions (OTCQB: KLNG) and Norway's SubseaDesign AS have announced a strategic alliance to advance subsea technology development. The partnership, announced on March 04, 2025, aims to enhance R&D collaboration and project execution in response to growing global demand for innovative subsea solutions.
The alliance focuses on strengthening capabilities in subsea tieback and field developments, with both companies bringing their specialty products and services expertise to the table. SubseaDesign's CEO Thomas Andreassen emphasized the partnership's goal to deliver cutting-edge technologies and tailored solutions, while KOIL Energy's CEO Erik Wiik highlighted the opportunity to expand their market reach, particularly in Europe through local capabilities.
Positive
- Strategic expansion into European markets
- Enhanced R&D and project execution capabilities
- Access to growing subsea tieback project market
Negative
- None.
Details
News Market Reaction – KLNG
The recorded move for KLNG in the trading session of this news was +1.89%.
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HOUSTON, March 04, 2025 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG), a US-based company, and SubseaDesign AS, a Norway-based company, have formed a strategic alliance to accelerate advancements in subsea technology. Both companies provide specialty products and services for subsea projects. Driven by the rising demand for innovative solutions in the global subsea industry, the two companies will collaborate within R&D and project execution.
Thomas Andreassen, CEO of SubseaDesign AS, stated, “As the industry seeks cost-effective and innovative solutions to advance subsea tieback and field developments, our alliance with KOIL Energy strengthens our ability to deliver cutting-edge technologies and tailored solutions. Together, we are well-positioned to drive innovation and enhance subsea performance and project efficiency for our customers.”
Erik Wiik, CEO of KOIL Energy, commented, “Subsea tie-back projects are becoming increasingly prevalent worldwide, and we have numerous proven solutions tailored to this segment. This alliance will allow us to reach a significantly larger market more quickly. SubseaDesign is an ideal partner, enabling us to engage more effectively with our European clients and offer them local capabilities.”
About SubseaDesign AS
SubseaDesign AS is a Norwegian engineering company specializing in advanced subsea systems, products, and services for the energy industry. Since its founding in 2007, the company has built a strong reputation for its problem-solving approach, fast turnaround, and commitment to innovation.
With specialized expertise in geotechnics, material science, and mechanical design, SubseaDesign delivers engineering solutions that enhance subsea field development and operational efficiency.
Our product portfolio includes industry-leading technologies such as SeAlign™ misalignment connectors and our newly developed Crown Plug Running Tool.
Visit www.subseadesign.com to learn more.
Contact: post@subseadesign.com
About KOIL Energy Solutions, Inc.
KOIL Energy is a leading energy services company offering subsea equipment and support services to the world's energy and offshore industries. Founded in 1997 in Houston, Texas, the company is comprised of world-class experts in engineering and manufacturing who provide innovative solutions to complex customer challenges with a fearless commitment to Building the Future of Energy. 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.
Contact: ir@koilenergy.com or sales@koilenergy.com
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