KOIL Energy Secures Significant Contract for Advanced Maintenance Services

Rhea-AI Summary

KOIL Energy Solutions, Inc. (OTCQB: KLNG), a global leader in subsea equipment and services, has secured a significant contract for maintenance services on an offshore production platform for an international oil and gas company. The scope includes:

• Removal, welding, termination, and commissioning of specialty alloy tubing
• Termination and testing of electrical cables
• Supply of Topside Umbilical Termination Assembly and subsea commissioning Logic Caps

This contract highlights KOIL's expertise in managing critical repairs in confined spaces. Planning, engineering, and procurement activities have begun at KOIL's Houston facility, with offshore work expected to be completed in Q1 2025.

Positive

• Secured significant maintenance contract with international oil and gas company
• Demonstrates expertise in critical subsea repairs and umbilical re-termination projects
• Expanding service offerings in offshore maintenance and subsea equipment

Negative

• None.

HOUSTON, Oct. 03, 2024 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG), a global leader in subsea equipment and services, has secured a significant contract to provide maintenance services on an offshore production platform for an international oil and gas company.

The scope of work includes the removal, welding, termination, and commissioning of specialty alloy tubing used for chemical injection and hydraulic control, as well as the termination and testing of electrical cables. Additionally, the contract involves supplying a Topside Umbilical Termination Assembly and subsea commissioning Logic Caps. KOIL has been awarded an increasing number of subsea umbilical re-termination projects, demonstrating the company's expertise in managing critical repairs in confined spaces. This expertise includes identifying and mitigating risks and hazards before work begins, ensuring a swift, controlled, and safe start-up to resume well production.

Planning, engineering, and procurement activities have already commenced at KOIL's facility in Houston, TX, with the offshore maintenance work projected to be completed in the first quarter of 2025.

About KOIL

KOIL is a leading energy services company offering subsea equipment and support services to the world’s energy and offshore industries. The Houston-based company was founded in 1997 and 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.

Forward-Looking Statements Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.

Investor Relations Contact:
Trevor Ashurst
VP of Finance
tashurst@koilenergy.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65b237cc-cae6-42b9-9125-7a16afb6d477

FAQ

What is the new contract KOIL Energy (KLNG) secured in October 2024?

KOIL Energy (KLNG) secured a significant contract to provide maintenance services on an offshore production platform for an international oil and gas company. The work includes specialty alloy tubing maintenance, electrical cable work, and supply of subsea equipment.

When is KOIL Energy (KLNG) expected to complete the offshore maintenance work for the new contract?

KOIL Energy (KLNG) is projected to complete the offshore maintenance work for the new contract in the first quarter of 2025.

What specific services will KOIL Energy (KLNG) provide under the new maintenance contract?

Under the new contract, KOIL Energy (KLNG) will provide removal, welding, termination, and commissioning of specialty alloy tubing, termination and testing of electrical cables, and supply of Topside Umbilical Termination Assembly and subsea commissioning Logic Caps.

Where is KOIL Energy (KLNG) conducting the planning and engineering activities for the new contract?

KOIL Energy (KLNG) is conducting the planning, engineering, and procurement activities for the new contract at its facility in Houston, Texas.