HOUSTON, Dec. 01, 2022 (GLOBE NEWSWIRE) — HOUSTON – Koil Energy Solutions, Inc. (OTCQB: KLNG) (“Koil Energy” or the “Company”), an international specialist in subsea energy equipment and services, today announced the receipt of an order to provide cable termination services for a wave energy project.
“This award is another step in progressing our core competencies beyond our traditional lines of business in the oil and gas sector,” said Charles Njuguna, President and CEO of Koil Energy. “This wave energy opportunity highlights the transferability of our expertise to other energy sectors and provides further validation of our strategy to rebrand and reposition the Company as a leading provider of fully integrated solutions.”
The initial phase of the project is scheduled for the fourth quarter of 2022 with additional phases expected to be completed in 2023.
About Koil Energy
Koil Energy 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
ir@koilenergy.com
Media Contact:
Hunter Dodson
Pierpont Communications
512-914-6745
hdodson@piercom.com
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