KOIL Energy Secures Significant Contract for Advanced Maintenance Services

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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.

KOIL Specialty Alloy Welding

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
[email protected]

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