KOIL Energy Announces Changes to Its Finance Team
Rhea-AI Summary
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.
Positive
- Company is actively seeking to strengthen executive team with CFO and HR Manager roles
- Previous leadership contributed to improved profitability and facility modernization
Negative
- Loss of key executive (VP of Finance and Administration) could create temporary leadership gap
- Additional expenses expected for executive recruitment and compensation
News Market Reaction
On the day this news was published, KLNG gained 1.59%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, Jan. 15, 2025 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG) today announced the resignation of Mr. Trevor Ashurst from his position as Vice President of Finance and Administration, effective February 1, 2025.
Mr. Erik Wiik, President and CEO of KOIL Energy, expressed his gratitude for Mr. Ashurst's contributions during a transformative period for the company. “Trevor played a crucial role in the rebranding, the establishment of a new state-of-the-art facility, and significantly enhancing our profitability. We extend our best wishes to him in his future endeavors."
To support KOIL’s ongoing growth, the company has partnered with the Executive Search Firm SNRG Corporation to recruit a Chief Financial Officer and a Human Resources Manager.
About KOIL
KOIL is a leading energy services company offering subsea equipment and support services to the world’s energy and offshore industries. Founded in 1997, the Houston-based company 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’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
FAQ
When will Trevor Ashurst leave his position at KOIL Energy (KLNG)?
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