KOIL Energy Secures Significant Contract To Provide Innovative Subsea Equipment

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HOUSTON, Aug. 08, 2024 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG), an international specialist in subsea equipment and services, today announces the award of a significant contract today for delivering Bend Stiffener Latchers (BSL®) to an operator in a new region.

Koil BSL

Erik Wiik, the CEO of KOIL, said, "This award is a recognition of our team’s endeavors in continuously developing our products enabling growth in new markets and underscoring KOIL’s strong technology position in the global subsea industry. Our proprietary solution is designed to secure a subsea umbilical to a topside facility without the need for divers. The locking mechanism of the BSL® allows a single remote operated vehicle to engage or disengage the locking mechanism resulting in substantial savings and improved safety for the operator.”

Engineering, procurement, manufacturing, and testing of the BSL® units will take place at KOIL’s facility in Houston, TX, and the project is projected to be completed in the second 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 founded in 1997 and formerly known as Deep Down, Inc. 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 Energy’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
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/42f29f2e-91bb-48b3-ab9e-927dff47cfcc