Welcome to our dedicated page for Koil Energy Solutions news (Ticker: KLNG), a resource for investors and traders seeking the latest updates and insights on Koil Energy Solutions stock.
Koil Energy Solutions (KLNG) delivers specialized engineering solutions for subsea and offshore energy operations worldwide. This page aggregates all official company announcements, technical developments, and strategic updates for investors and industry professionals.
Access real-time insights into KLNG's subsea infrastructure projects, equipment innovations, and market expansions. Key updates include earnings reports, partnership announcements, and progress on initiatives like Brazil's offshore energy sector.
Content spans operational milestones, regulatory filings, technology patents, and executive leadership changes. Regular updates ensure stakeholders stay informed about KLNG's role in advancing subsea engineering solutions for complex marine environments.
Bookmark this page for streamlined access to verified KLNG developments. Combine our updates with SEC filings and market analysis tools for comprehensive investment research.
Koil Energy Solutions, Inc. (OTCQB: KLNG) reported a challenging fiscal 2022 with revenues dropping 25% to $13.0 million from $17.2 million in 2021. Key factors included postponed projects totaling $7.6 million due to geopolitical events and M&A activities. Although gross profit improved to 36% of revenues, operating expenses surged to 59%. The company faced a net loss of $2.9 million, or $0.24 per share. Despite setbacks, CEO Charles Njuguna remains optimistic about increased bidding activity and future energy market growth. Koil Energy has $2.4 million in cash and strong working capital of $3.9 million, positioning itself well for future opportunities.
Koil Energy Solutions (OTCQB: KLNG) announced a new order to provide services for an LNG project in the Gulf of Mexico. The initial phase involves installation engineering services, with future phases potentially including custom-designed equipment and flowline transpooling services. Discussions are underway for a multi-year service agreement, aiming to enhance the company's operations in both traditional and renewable energy sectors. The project is expected to be executed in the first half of 2023. This reflects Koil's commitment to bridging conventional oil and gas with new energy solutions.
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