KOIL Energy Announces Expansion into Brazil with a New Manufacturing and Service Support Facility
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.
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Rhea-AI Summary
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.
Positive
- Strategic expansion into world's largest subsea market
- Large facility secured: 180,000 sq ft property with 27,000 sq ft workshop
- Established local subsidiary in high-growth market
- Positioned to capitalize on Brazil's oil production expansion plans
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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The company’s growth strategy advances in Brazil to support subsea customers
HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG) a leader in providing controls infrastructure for subsea oil and gas fields, today announced its expansion into Brazil, with a new technology center for manufacturing and service support in Macaé.
“Macaé represents an exciting new chapter for KOIL Energy as we establish our presence in Brazil, the largest subsea market in the world,” said Erik Wiik, KOIL Energy’s President and CEO. “This facility is expected to play a key role in our growth strategy, and we are grateful for the strong partnership and support from local customers and suppliers.”
Macaé is generally considered to be the center of the offshore petroleum industry in Brazil, and it is often referred to as "Cidade do Petróleo." KOIL Energy has leased a 180,000 sq ft property with offices and a workshop of 27,000 sq ft. The facility will house engineering, manufacturing, testing and service support activities.
“KOIL Energy's decision to prioritize Brazil in its growth strategy is driven by this country's ambitious plan to become one of the top five oil producers in the world by 2030 and maintain that position for years to come,” said Gustavo Goncalves, Managing Director of KOIL Energy in Brazil. “KOIL's product portfolio is perfectly suited to support Brazilian operators on this exciting growth journey.”
The subsidiary, KOIL Energy Solutions Brasil LTDA, has been established as the legal entity for KOIL Energy’s operations in Brazil. The company’s head office is in Houston, Texas, United States.
About KOIL
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.
Investor Relations Contact: ir@koilenergy.com
Sales Contact: sales@koilenergy.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f1b655ba-31ee-4655-bcdd-33e57e905d1f
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