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 Inc. reports developments for a subsea energy-services business serving offshore and deepwater projects. The company supplies and supports equipment used between production facilities and energy sources, including subsea distribution systems, umbilical terminations, flying leads, hydraulic distribution manifolds, mudmat structures and related hardware.
Recurring news for KLNG includes earnings releases, conference-call notices, contract awards, engineering and fabrication work, project-management services, rental equipment deployment, installation monitoring, pre-commissioning and international offshore project activity. Updates also describe manufacturing, integration and testing work for subsea tiebacks and support for engineering, installation, commissioning and maintenance projects.
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.
Koil Energy Solutions, Inc. (OTCQB: KLNG) announced a significant contract to supply subsea distribution equipment for the Shenandoah project in the Gulf of Mexico. This order involves the provision of over 70 Multi Quick Connect (MQC) plates designed for 20,000 psi applications, reflecting a shift from component supply to full systems provision. The multi-million-dollar project underscores Koil's commitment to advancing subsea technology, with completion expected by the end of 2023. Koil Energy Solutions specializes in subsea equipment and services for the offshore energy sector, enhancing its reputation as a systems provider.
On December 1, 2022, Koil Energy Solutions (OTCQB: KLNG) announced it secured an order to provide cable termination services for a wave energy project. This initiative marks a strategic expansion beyond traditional oil and gas services, demonstrating the company's competencies in alternative energy sectors. The project’s initial phase is set for Q4 2022, with subsequent phases planned for 2023. Koil Energy aims to rebrand as a leader in integrated energy solutions, leveraging its expertise in subsea equipment and services.
Koil Energy Solutions, previously Deep Down Inc., has received approval for a new name and ticker symbol, changing from DPDW to KLNG, effective November 28, 2022. This rebranding signifies a strategic shift and commitment to Energizing the Future as the company focuses on energy transition opportunities. No action is required from shareholders for this transition. The company has made exciting hires and secured business wins, which they plan to build upon moving into 2023.