KOIL Energy Awarded Significant Contract to Deliver Subsea Distribution Equipment for US Project
Rhea-AI Summary
KOIL Energy Solutions (OTCQB: KLNG) has secured a significant contract to provide Multi-Quick Connector (MQC) Plates for a subsea project in the Gulf of America. The equipment will control high-pressure systems for a U.S. independent energy company's subsea field.
The MQC plates will distribute hydraulic control fluid to regulate oil and gas production and chemical injections for flow assurance. The project features KOIL's advanced 20,000 psi technology and represents a repeat order from an existing client.
The contract scope includes engineering, procurement, fabrication, assembly, and testing at KOIL's Houston facility, with final delivery scheduled for Q4 2025.
Positive
- Secured significant contract for MQC Plates from repeat customer
- Contract showcases advanced 20,000 psi technology capabilities
- Strengthens position in subsea controls segment
Negative
- None.
News Market Reaction
On the day this news was published, KLNG gained 7.50%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, March 17, 2025 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG) has been awarded a significant contract to supply Multi-Quick Connector (MQC) Plates for a project in the Gulf of America. This award encompasses equipment designed to control the high-pressure systems of a subsea field operated by a U.S. independent energy company.
KOIL Energy 20,000 psi MQC Plate
The MQC plates will play a critical role in the subsea infrastructure by distributing hydraulic control fluid in order to regulate oil and gas production and chemical injections to support flow assurance requirements.
Erik Wiik, President and CEO of KOIL Energy, said, “This award is particularly exciting for several reasons. Firstly, it represents a repeat order from a valued client, showcasing their continued trust in our capabilities. Secondly, it features our advanced 20,000 psi technology, highlighting our commitment to innovation. Lastly, as the MQC is a cornerstone product within the subsea controls segment, this achievement paves the way for further growth.”
KOIL is acclaimed for providing competitive, high-performance subsea systems globally. By leveraging practical design solutions and a vertically integrated supply chain, the company consistently delivers reliable and efficient subsea products with exceptionally competitive delivery times. The scope of work for this project includes engineering, procurement, fabrication, assembly, and testing. The project will be carried out at KOIL's state-of-the-art manufacturing facility in Houston, Texas. Final delivery is scheduled for the last quarter of this year.
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, 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 Building the Future of Energy. KOIL Energy's highly experienced team can support subsea projects located anywhere in the world. Visit www.koilenergy.com to learn more.
Investor Relations Contact:
ir@koilenergy.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cfe3d086-03d2-43fc-a833-862307c8631f
FAQ
What is the significance of KOIL Energy's (KLNG) new MQC Plates contract in the Gulf of America?
When will KOIL Energy (KLNG) deliver the MQC Plates for the Gulf of America project?
What is the purpose of KOIL Energy's (KLNG) MQC Plates in subsea operations?
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