KOIL Energy Appoints New Member to Its Board of Directors

Rhea-AI Summary

KOIL Energy Solutions (OTCQB: KLNG) has announced the appointment of Mads Andersen as an independent, non-executive director to its Board of Directors, effective April 22, 2025. Andersen brings significant industry expertise as the current CEO of Norway-based Aibel ASA, a company with 5,000 employees and annual revenue of $1.5 billion.

Andersen's extensive background includes over 30 years in the international oil & gas and energy services industry, having served as Divisional President at OneSubsea (SLB) and Executive Vice President at Aker Solutions. He holds a master's degree in mechanical engineering from the University of Glasgow.

According to Board Chairman Mark Carden, Andersen's appointment aligns with KOIL Energy's growth strategy and international ambitions, particularly valued for his experience in international business development, growth strategy, and M&A.

Positive

• Appointment of high-profile executive with proven track record managing $1.5B revenue company
• Strategic addition bringing international business development and M&A expertise
• Enhancement of board expertise with 30+ years of industry experience

Negative

• None.

HOUSTON, April 22, 2025 (GLOBE NEWSWIRE) -- Koil Energy Solutions, Inc. (OTCQB: KLNG), (the "Company") today announced that Mr. Mads Andersen has been elected to its Board of Directors as an independent, non-executive director, effective today.

Mr. Andersen is the CEO of the Norway based energy services company Aibel ASA with five thousand employees and an annual revenue of US$ 1.5 Billion. He has more than three decades of experience from the international oil & gas and energy services industry. Most recent roles include Divisional President in OneSubsea (SLB) and Executive Vice President in Aker Solutions. Mr. Andersen holds a master’s degree in mechanical engineering from the University of Glasgow, Scotland.

Mark Carden, KOIL Energy’s Chairman of the Board, stated, "We are pleased to welcome Mr. Andersen to KOIL Energy’s Board. Our growth strategy and international ambitions will be strengthened by his successes as an experienced CEO and Senior Executive in international companies. His advice on international business development, growth strategy and M&A will be very valuable for KOIL Energy."

KOIL Energy is a leading energy services company offering subsea equipment and support services to the world's energy and offshore industries.

Investor Relations:

ir@koilenergy.com

281-862-2201

FAQ

Who is the new board member appointed to KOIL Energy (KLNG) and what is his background?

Mads Andersen, current CEO of Aibel ASA, was appointed as independent director. He has 30+ years of experience in oil & gas and energy services, previously serving as Divisional President at OneSubsea and EVP at Aker Solutions.

What strategic value does the new KLNG board appointment bring to the company?

The appointment brings expertise in international business development, growth strategy, and M&A, supporting KOIL Energy's international expansion plans.

When does Mads Andersen's appointment to KOIL Energy's board become effective?

Mads Andersen's appointment as independent, non-executive director became effective April 22, 2025.

What is the size and revenue of Aibel ASA, where KLNG's new board member serves as CEO?

Aibel ASA has 5,000 employees and generates annual revenue of US$1.5 billion.