Latest news with #ErikWiik
Yahoo
21-05-2025
- Business
- Yahoo
Q1 2025 Koil Energy Solutions Inc Earnings Call
Erik Wiik; Chief Executive Officer, Director; Koil Energy Solutions Inc Kurt Keller; Chief Financial Officer; Koil Energy Solutions Inc Sebastian Krog; Analyst; Treasure Hunting Operator Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Koil Energy's first-quarter 2025 conference call. (Operator instructions) . After the speaker's remarks, you will be invited to participate in a question-and-answer a reminder, this call is being recorded today, Tuesday, May 20, 2025. A detailed disclaimer related to Koil Energy's forward-looking statements is included in the press release issued Monday morning and filed with the SEC. It is also available on the company's website, or upon request.A reconciliation of non-GAAP financial measures used in the press release and on today's call is included in the press release and on the website. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Koil Energy also undertakes no obligation to revise any of its forward-looking statements to reflect events or circumstances after the date this time, I'd like to turn the call over to CEO, Erik Wiik. Erik Wiik Good morning, ladies and gentlemen. Thank you for joining us today. I would like to start by introducing Kurt Keller, our new Chief Financial Officer. Kurt started in Koil Energy on April 22 and is joining me here today. He has two decades of financial leadership experience from middle market companies where he has successfully scaled operations, growing revenues from $20 million to $100 excited to welcome Kurt to the Koil Energy team. His extensive experience will prove to be incredibly valuable. Before I hand over to Kurt, I'll provide an overview of our first quarter performance and update you on our ongoing strategic initiatives. Following my overview, Kurt will deliver a detailed analysis of our financial I'll provide an update to our growth road map and how we're making progress in the market. Finally, we will be happy to answer any questions you may have. We had a disappointing start to this year. This quarter, Koil Energy generated revenues of $5.3 million. The gross margin was 31%. The lower gross margin was driven by growth-related expenses and underutilization of EBITDA was 6% or $339,000. Compared to the first quarter of last year, revenue decreased 9% and adjusted EBITDA margin fell from 13% to 6% of revenue. Despite a significant increase in revenue from service contracts, our overall revenue decreased by 11% sequentially due to the lower percent of completion on our fixed price project caused by lower order intake in the prior quarter and during January and increased sales effort did deliver increased service volume, but did not secure enough projects needed to effectively utilize the increased capacity. We increased our direct label force by eight employees last year. However, the reduced number of projects this quarter left our crews with limited opportunities to work expansion cost with order intake is vital to our growth strategy. However, we fell short in mitigating this risk during the quarter. We always knew our growth journey would have its ups and downs. And while this quarter presented that challenge, it reinforces our commitment to carefully building sustainable long-term momentum and delivering consistent value to our clients continue to give me excellent feedback on the work we perform. For instance, during Q1, we completed the installation of a fiber optic telecommunication cable in the Caribbean. This is an example of where our oil and gas expertise comes in handy when other industries need more powerful tools and unique example is the completion and testing of two umbilical systems. A milestone achievement with the highest visibility within the clients' organization. The client representative has commented that out of all the contractors performing work on that project, Koil Energy is the best team to work the first quarter, we were awarded a significant contract to supply multi-cup connector plates for a project in the Gulf of America. This award encompasses equipment designed to control the high pressure systems of a subsea field operated by a US independent oil MQC plates will play a critical role in the subsea infrastructure by distributing hydraulic control fluid in order to regulate oil and gas production and chemical injections to support flow assurance requirements. This award is particularly exciting for several it represents a repeat order from a valued client showcasing their continued trust in our capabilities. Secondly, it features our advanced 20,000 PSI technology, highlighting our commitment to innovation. Lastly, as the MQC is a cornerstone product within the subsea control segment, and this achievement paves the way for further growth. The project has started successfully and is being carried out at Koil Energy's facility in Houston, Texas. Final delivery is scheduled for the last quarter of this with that overview, I will now turn the call over to our Chief Financial Officer, Kurt Keller. Kurt Keller Thank you, Erik. Before joining Koil Energy, I served as a financial executive at several private equity-backed companies, including Perrite, Sun Grid and Mantis Innovation Group. Earlier in my career, I served as CFO at Directional Drilling Services and Navasota Energy Services. I also spent time as manager and Transaction Advisory Services at Deloitte.I'm excited to have joined Koil Energy. This is a company with a strong foundation and a compelling opportunity for growth. My initial experiences with the organization have been highly encouraging, and I am pleased to embark on this promising journey with such a great team. My focus here will be to further enhance controls, solidify our financial strategy and drive performance in a disciplined and transparent way. I believe the financial discipline is crucial to our ability to meet our commitments to customers, shareholders and to me now walk through our First Quarter's results in more detail. For the three months ended March 31, 2025, Koil Energy generated revenues of $5.3 million, a 9% decrease compared to revenues of $5.8 million for the same period last year. While service contract revenue nearly doubled year-over-year, this growth was offset by a 40% decline in product-oriented fixed-price contracts, which drove the overall profit for the quarter totaled $1.7 million or 31% of revenues, representing a 19% decrease in gross margin compared to $2.0 million or 35% of revenues in the first quarter of 2024. The decline reflects the shift in revenue mix and volume, particularly in fixed price product work. Selling, General and Administrative expenses equaled $1.7 million, up $267,000 from the prior year. The increase was largely due to the addition of key personnel and onetime investments to restructure and strengthen our administrative to net income. We reported a loss of $30,000 for the first quarter, which translates to breakeven earnings per diluted share. This compares to net income of $576,000 or $0.05 per diluted share recorded in the first quarter of 2024. This reduction in earnings reflected lower contribution margins from fixed price contracts, which were insufficient to absorb our fixed cost to our balance sheet. As of March 31, 2025, we reported $5.1 million in working capital including $2.2 million in cash and $4.9 million in net receivables. This compares to $5.7 million in working capital at year-end 2024 with $3.4 million in cash and $3.1 million in net receivables. The shift is primarily due to the timing of billing and collections tied to fixed price contract I hand the call back over to Erik, I want to briefly acknowledge that Koil, this was not the quarter we had hoped for, the fundamentals that attracted me to Koil Energy, customer satisfaction, industry know-how and a strong technical team are firmly the coming quarters, we will focus on sharpening our financial execution. This means driving higher utilization across our workforce managing working capital with discipline and ensuring that our growth investments are appropriately scaled and you for your time. Erik Wiik Thank you Kurt. Before we address any questions, I'll provide an update on our strategic road map and how Koil is positioned for future growth. Our growth strategy continues to drive our sales effort and we have seen a significant increase in order intake during March and funnel of prospects, both services and projects have continued to be populated with high-quality prospects. The bidding activities have also continued to increase since the beginning of the year. The outlook for the remainder of 2025 is therefore excellent. We're still focused on increasing our share of spending with existing domestic key accounts and have secured a record number of new service two-third of our service contracts include the installation of the equipment we built last year. Another key strategy is to continue supporting our clients abroad, which is also yielding positive results. Our international presence have also led to several high-volume bidding opportunities in countries where we have recently delivered are progressing with our establishment in Brazil and continue to identify and qualify to bid on prospects in that region. Our goal is to close our first significant deal in that region by fourth quarter. Our alliance in Norway is coming at an opportune time as we see that region moving towards tieback and brownfield projects, which is a sweet spot for Koil summary, the global demand for subsea equipment and services is on the rise. This is due to a combination of one continued discoveries of large reservoirs and subsea basins. Two, subsea tieback opportunities to increase production of existing fields, and three, addressing the aging subsea infrastructure. Koil Energy is uniquely positioned to assist our customers in addressing all three Energy continues to be a great investment opportunity. We offer mission-critical deepwater solutions with a high barrier to market entry. Before I conclude, I would like to welcome Mr. Matt Anderson as a new member of the Board of Directors of Koil Energy. Mr. Anderson is the CEO of the Norway-based Energy Services Company ABLASA with 5,000 employees and an annual revenue of USD1.5 has more than three decades of experience from the international oil and gas and energy services industry. Most recent roles include divisional precedent in OneSubsea and Executive Vice President in Aker Solutions. We are delighted to have Mr. Anderson on our concludes our prepared remarks today. So I will turn the call back to the operator to take investor questions. Operator? Operator (Operator instructions)Sebastian Krog, Treasure Hunting. Sebastian Krog Hi guys, thanks for the update. Just a quick question with the investments you now made into SG&A and with the current assets you have in Houston. Do you have any idea of what kind of revenue you could achieve with that at a higher utilization rate? Erik Wiik Absolutely. So the revenue we got this quarter is 9% lower than what we had a year earlier and about 10% lower than the average throughout the year, last year. So we are just slightly below what we need to have in order to keep our cost base as it is. So most of the -- since we were breakeven any revenue above this should -- most of it should travel down to the bottom line. So we are at an inflection point with respect to just making sure we have have continuous work every month in order to maximize the utilization. Operator (Operator instructions)And that concludes our question and answer session. I'd like to turn the conference back over to the company for any closing remarks. Erik Wiik Yes. Thank you, operator. And if there are any more questions, please contact us today. I know the 10-Q filing is is probably a fresh document that is going to be there in a few minutes, and you would like to review it before you ask questions. I understand that and I apologize for the delay you can contact us at ir@ or on the phone number 281-862-2201. And we'll be available all afternoon and then the other time you want to schedule a call to ask your questions. We appreciate your interest in Koil Energy and look forward to the next earnings call. This concludes our call. Thank you. Operator Thank you, sir. Once again, this concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-04-2025
- Business
- Yahoo
Q4 2024 Koil Energy Solutions Inc Earnings Call
Erik Wiik; Chief Executive Officer, Director; Koil Energy Solutions Inc Scott Weiss; Analyst; Semco Capital Peter Michaelman Operator Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Koil Energy's fourth quarter and full year 2024 conference call (Operator Instructions) A detailed disclaimer related to Koil Energy's forward-looking statements is included in the press release issued monday morning and filed with the SEC. It is also available on the company's website, or upon request. A reconciliation of non-GAAP financial measures used in the press release and on today's call is included in the press release and on the website. Listeners are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date made Koil Energy also undertakes no obligation to revise any of its forward-looking statements to reflect events or circumstances after the date made. At this time, I'd like to turn the call over to CEO Eric Wiik. Please go ahead. Erik Wiik Good morning, everyone. Thank you for joining us today and for your patience regarding our delayed earnings report. On March 29, we identified a mistake just before we were scheduled to file our annual report. Although this constitutes material weaknesses in our internal controls of equity accounting specifically, it did not have a material adverse impact on our financial position or results of operations. We have since taken the necessary time to address this issue and ensure the accuracy of the 10-K report. In this briefing, I'll be presenting an overview of our financial performance for the fourth quarter and the entire year of 2024. I will also share an update on our strategic roadmap and discuss how Koil Energy is positioned for further growth. Finally, I'll be happy to answer any questions you may have. I'm immensely proud of the coal energy team for delivering an exceptional quarter, surpassing the revenue of the preceding three quarters. In the fourth quarter we achieved revenue of $6 million and EBITDA of $1 million, resulting in a 16% margin. This represents a 48% increase in revenue and $1.6 million higher EBITDA compared to the previous year. For the full year of 2024 we achieved revenue of $23 million marking a 48% year on year increase. Adjusted EBITDA improved from a loss in 2023 to $3.5 million in 2024, setting a historic record in profitability for the company. Throughout the year, we generated approximately $1.4 million in free cash flow. Thanks to our valued customers' timely payments, our cash balance at the year-end reached $3.4 million. Let's take a closer look at Q4. Overall revenue for the quarter increased by 14% sequentially, mainly due to improved supply chain performance. While we have reduced the risk of supplier delays, fluctuation in revenue may still occur in upcoming quarters as we are subject to changes by our clients. The gross margin remains steady at 40%, consistent with the previous two quarters. Selling general and administrative expenses increased slightly to $1.7 million during the quarter, reflecting increased staffing in line with our growth strategy. Turning to net income, we reported approximately $537,000 for the fourth quarter, marking a substantial improvement from the net loss of $890,000 recorded in Q4 2023. This positive shift in earnings was primarily driven by revenue growth and increased gross profit from higher fixed price project activity. Our team delivered an outstanding performance in that quarter. The full year's financials reflect a 48% increase in revenue driven by a doubling of fixed price projects. This revenue growth translated into an EBITDA increase of $4.4 million. This exceptional result was achieved through our assertive growth strategy. The main contribution came from existing customers, where we increased our wallet share of our key accounts. This was complemented by high throughput in production. The gross margin for the full year was 38%, up from 32% in 2023. Selling general and administrative expenses were $6.2 million compared to $6.5 million the previous year. Increasing revenue and reducing costs resulting in a net income of $2.6 million a substantial improvement from the net loss of $1.6 million in 2023. This turnaround in earnings led to an improvement in diluted earnings per share, rising to $0.21 compared to a loss of $0.13 per share the previous year. Turning to a balance sheet, we have $5.7 million in working capital as of December 31, 2024, including $3.4 million in cash. This compares favourably to $2.6 million in working capital as of December 31, 2023, which included $2 million in cash. Our working capital improvements throughout the year have effectively converted to cash. Resulting in a stronger year-end cash balance. Additionally, we generated approximately $1.4 million in free cash flow, further reinforcing our liquidity position. My sincere congratulations and gratitude to the men and women of Koil Energy. This is nothing short of a remarkable turnaround. Let me share with you how the culture Koil made this possible. As part of developing our strategy, we also discussed who we are and what makes this team successful. Together with our clients and our employees, we determine our business DNA to be exceptional responsiveness and safe workmanship. This is who we are. This is our DNA. Speed and collaboration are therefore cornerstones of our worker culture. Come visit our campus and you will see project managers, engineers, and technicians solving problems together on the shop floor. This is an incredibly effective business model, and we have demonstrated its scalability. Our clients continue to entrust us with critical project awards. For instance, during the fourth quarter, we secured a significant contract to deliver subsidy distribution equipment for a project in West Africa. This encompasses multiple electrical hydraulic distribution manifoils. Looking at a full year 2024, we were also awarded a significant contract for advanced maintenance services re-terminating an umbilical cable on board an offshore platform. Furthermore, we want a significant contract to provide ben stiffer latch to an operator in a new region, and then earlier in the year, we want the biggest deal for the year, which included a major scope of work for a subsidy safety control system. Although we secured numerous smaller contracts on a weekly basis, It is a significant and major awards that drive our growth. While we celebrate the results from 2024, we are very excited for our future. In 2025, our team will remain focused on growing the company and delivering on our growth strategy. The current consensus among our customers is that energy demand is increasing. Our clients indicate that meeting the world's energy needs will require growth in both oil and gas supply, as well as renewables. As the supply from existing oil and gas wells naturally declines over time, sustained investments will be crucial in the coming years. Consequently, several key subsea basins, particularly the Gulf of America, the North Sea and the coast of Brazil, are being prepared to significantly contribute to production output. Our strength and positioning in these markets is essential for achieving sustained growth. A leading indicator for our main products is the number of subsea trees purchased by the operators. Our product lines include vital support systems for subsea trees. According to Westwood Global Energy Group, a market analyst firm, the global annual subsidiary awards included 284 and 279 awards in 2023 and 2024 respectively. This healthy market presents a good opportunity for Koil Energy going forward, as our offering, such as subsidy distribution equipment and services, are typically awarded one to one and half years after the subsidiary awards. During the first quarter of this year, we have seen a significant increase in bidding activity. We therefore anticipate experiencing the benefits of this positive momentum throughout the remainder of the year. As part of our growth strategy, we have also been focusing on expanding our service offerings to better address the operating expenditures of our energy customers. We also expect this expenditure to increase due to aging infrastructure. Re-termination of an umbilical cable on an existing installation is an example of our success in the maintenance market. We are one year into an ambitious three-year strategy focused on achieving continued profitable revenue growth. You can view a copy of our growth roadmap in the investor presentation on our webpage. During 2024 we have grown revenue by approximately 50% year over year. Our growth strategy continues to push Koil's business performance domestically. We have also advanced our international activities and are now well ahead of our original geomarket growth plan. For example, in order to strengthen our presence in South America, Koil Energy has expanded into Brazil with a new manufacturing and service support facility in May. We have also established a strategic alliance with SubseaDesign AS, a Norway based company, to accelerate advancement in subsea technology. Driven by the rising demand for innovative solutions in the global subsea industry, the two companies will collaborate within R&D and project execution. Before we conclude, I want to thank our shareholders for their continued interest in our company. I would also like to express my gratitude to our board of directors for their steadfast support in our strategy and operations. Koil Energy is a great investment opportunity. We offer mission critical deep-water solutions with a high barrier to market entry. Koil is a fast-growing company with a strong foundation and no long-term debt. That concludes our prepared remarks today, so I'll turn the call back to the operator to take investor questions. Operator. Operator (Operator Instructions) Scott Weiss, Semco Capital. Scott Weiss Hi Eric, how are you doing? Erik Wiik Doing great, Scott. How are you? Scott Weiss Good, thank you. Nice quarter. Erik Wiik Thank you. Scott Weiss Can you comment please on how your end markets are affected by oil prices? Erik Wiik So most of our business is related to what we call greenfield, and those are the large investments, subsea that take years to plan, engineer, and execute. So, the work we're doing now are decisions made by the operator perhaps four or five years ago and certainly more than three years. So, what did they think the oil price will be today or next year? I don't know. So, it does not affect the activity level for our most of our activity. Now, it will affect whatever they can affect if the oil price stays below $70 too long, it will affect their cash flow policies, right? So, if they can delay something, if they can cut something out, they will, and we haven't seen that yet, but that can happen and that's related to the maintenance work sometimes if they can push it off for another quarter to save money. And also, some of the new projects that they're planning to do, they may delay some of that, but it has a very small effect short term for us. Scott Weiss Okay, thanks. And two more questions. Can you comment on your order book and your visibility? How far out can you see and forecast effectively? And secondly, you're now through Q1. Can you provide any comment on Q1 or an outlook for Q1? Erik Wiik So to answer your last part, I cannot comment on Q1, and, with respect to the backlog, we're not, reporting the backlog. It is not meaningful, and it's not very helpful in order to forecast. A lot of the work we do, we get it, right before the quarter starts or during the quarter. So, it's not a very good indicator. So the visibility, on that part of the question, the visibility we have, goes a couple of quarters out when it comes to some of the activity, but not all so it's not like we have two quarters of revenue that we're looking at. We may have a backlog that spreads out over the next three quarters, but it doesn't cover all the revenue we expect to have. So again, it's not very meaningful. I hope we'll get there one day where we have more diversified activities and where it would make sense to share with you a backlog. Scott Weiss Okay, thanks. And one more question. Do you have any plans to uplist on the Nasdaq at some point in the future? Erik Wiik Yes. When that will be, I don't know, but several of you guys have suggested that, and I think it's a good idea. When we become a larger company that will be a good place to be, but right now, it's probably too early, so I need more time and some more advice on how to do that, but sometime in the future, absolutely. Scott Weiss Okay great, keep up the good work. Thank you. Erik Wiik Thank you, Scott. Operator Peter Michaelman, private investor. Peter Michaelman Oh, hi, Eric. Erik Wiik Hey there, Peter. Peter Michaelman My question is about the tariffs that were implemented. What kind of effect will that have on your raw materials, carbon steel and super duplex steel? Erik Wiik Yes, so, let me answer that question, by several steps here. The first thing is that we are an integrated vertically integrated company, so we don't have a whole lot of outsourcing, so that means that we, our exposure is limited due to the fact that most of our work is done in-house. What we do, outsource is, such as coating. And some of the component parts and as you mentioned, some of the super duplex tubes and high alloy tubes and parts that we buy from the outside. So that's the first part. So, we have a small exposure there. The second part is that, and this is similar to other players in this industry, we kick that problem, up the value chain. So, in our contract with our customers, we have clauses that protect us from changes to government regulations, including tariffs, and the suppliers, our suppliers do the same thing to us. So, it's sort of you kick it up to the, in the food chain, so eventually you will feel it at the gas pump, I guess. But the risk that remains is of course there because it's very disruptive, the changes back and forth. The risk is that you may have a supplier that don't know what to do and he may not be able to deliver. You may have a client that is not willing to honour the contract and not pay us for the increased cost. So, there is remaining risk here that we have to manage. So, we have included more conversations on the project management level and on the bidding level where we did discuss if there's a particular risk connected to tariffs in each of the deals we make. So, there's some risk there, but much less than most other companies, I would say. Peter Michaelman Okay, got it. In the 10-K you. You listed 63 employees. I think that was at the year end of '23. I'm sorry, of '24. What is your current headcount and how many are in Brazil? Erik Wiik So the current head counts are the same. There's been some changes back and forth. We have two people in Brazil at the moment. Peter Michaelman Okay, and do you have like a timeline for increasing staffing in that facility in Macaé. Erik Wiik Yes, we do. So, we will hire people there when we close a contract. So, one of the reasons we were getting a facility early was that we got a good deal first and the second thing was that the clients there told us very clearly that you have to have a facility before we consider you. As a serious player, so we had to get something early. We got a good deal and that's now in place. So now we're watching our spending there carefully. And preparing for the first opportunities. So, we're bidding right now and we're bidding different kind of contracts. So, in one case, if we win this particular deal, then we need to hire a certain number of people and if we win another contract that we're also bidding, we will. Have to hire maybe different kind of skills, skill set people, etc. So we have plans on how to do it, and the trigger point is that we will get an award or we know that we're getting an award in order to watch our money there. Peter Michaelman Okay, and when that is forthcoming, you anticipating doing all or most of the engineering in Houston? Erik Wiik So, absolutely, yes. So, in the beginning, certainly all the critical aspect of this will be done in Houston, and most of the hours and the work will be done in Brazil, but we will also have inspectors. We will have our project management in present in the country, and we also anticipate that some of our service tech technicians will actually go to Brazil that participate in tests and also offshore. So, we are preparing their visas and certification in order to work offshore in Brazil. Peter Michaelman And would you anticipate the cost structure of that facility would be a bit less than in Houston once it's fully operational? Erik Wiik It will be lower because the activities will be limited to, whatever product line we will have there. In the beginning we anticipate that to be more service oriented and not the full-fledged manufacturing, so it will be smaller and less expensive than what we have here in Houston. Peter Michaelman And what specifically would you be limited in terms of fabrication, in terms of the square footage of the facility. Erik Wiik Yes, so if we get a larger contract, one of the things we're looking at now is to build, for instance15, 15 structures that that we're bidding on. If we get all that work, we will have to outsource it. So, we have lined up a partner in Macaé that we've been working, discussing with for over a year. That will do some of that fabrication for us. Peter Michaelman I see, so it's similar to Houston in that you use a subcontractors were necessary in Houston. Erik Wiik So in Houston we do less subcontractors because we are vertical integrated, but we think that in Brazil, a part of the time we will use subcontractors there while certainly while we're building up our capability. Peter Michaelman Alright, that's, that seems like appropriate. Alright, that's, the end of my questions again, congrats on a nice quarter in here. Erik Wiik Thank you, Peter. Operator This includes our question-and-answer session. I would like to turn the conference back over to Eric Wiik for any closing remarks. Erik Wiik Thank you, operator, and our thanks to all of you who joined our call today we appreciate your interest in Koil Energy and look forward to the next earnings call. This concludes our call, thank you. Operator The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Sign in to access your portfolio
Globe and Mail
17-03-2025
- Business
- Globe and Mail
Significant Contract News Sends Energy Services Company Higher
Repeat business is one of the highest honors a company can achieve, whether large or small. It signifies that customers not only trust the product or service but also find it valuable enough to return. Consistent business reflects strong customer satisfaction, brand loyalty, and a company's ability to meet or exceed expectations. Today, an energy services company offering subsea equipment and support services to the world's energy and offshore industries got that nod of approval from a customer. KOIL Energy Solutions, Inc. (OTCQB: KLNG) announced this morning that they have been awarded a significant contract to supply Multi-Quick Connector (MQC) Plates for a project in the Gulf of America. This award encompasses equipment designed to control the high-pressure systems of a subsea field operated by a U.S. independent energy company. The MQC plates will play a critical role in the subsea infrastructure by distributing hydraulic control fluid in order to regulate oil and gas production and chemical injections to support flow assurance requirements. Erik Wiik, President and CEO of KOIL Energy, said, 'This award is particularly exciting for several reasons. Firstly, it represents a repeat order from a valued client, showcasing their continued trust in our capabilities. Secondly, it features our advanced 20,000 psi technology, highlighting our commitment to innovation. Lastly, as the MQC is a cornerstone product within the subsea controls segment, this achievement paves the way for further growth.' Shares of KLNG have climbed today on the news with the stock currently up 5.5% at $2.11 in early-afternoon trading. Copyright © 2025 All rights reserved. Republication or redistribution of content is expressly prohibited without the prior written consent of shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. View more of this article on About Media, Inc.: Founded in 1999, is one of North America's leading platforms for micro-cap insights. Catering to both Canadian and U.S. markets, we provide a wealth of resources and expert content designed for everyone—from beginner investors to seasoned traders. is rapidly gaining recognition as a leading authority in the micro-cap space, with our insightful content prominently featured across numerous top-tier financial platforms, reaching a broad audience of investors and industry professionals. Want to showcase your company's story to a powerful network of investors? We can help you elevate your message and make a lasting impact. Contact us today. Contact: Media, Inc.
Globe and Mail
17-03-2025
- Business
- Globe and Mail
KOIL Energy Awarded Significant Contract to Deliver Subsea Distribution Equipment for US Project
HOUSTON, March 17, 2025 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG) has been awarded a significant contract to supply Multi-Quick Connector (MQC) Plates for a project in the Gulf of America. This award encompasses equipment designed to control the high-pressure systems of a subsea field operated by a U.S. independent energy company. KOIL Energy 20,000 psi MQC Plate The MQC plates will play a critical role in the subsea infrastructure by distributing hydraulic control fluid in order to regulate oil and gas production and chemical injections to support flow assurance requirements. Erik Wiik, President and CEO of KOIL Energy, said, 'This award is particularly exciting for several reasons. Firstly, it represents a repeat order from a valued client, showcasing their continued trust in our capabilities. Secondly, it features our advanced 20,000 psi technology, highlighting our commitment to innovation. Lastly, as the MQC is a cornerstone product within the subsea controls segment, this achievement paves the way for further growth.' KOIL is acclaimed for providing competitive, high-performance subsea systems globally. By leveraging practical design solutions and a vertically integrated supply chain, the company consistently delivers reliable and efficient subsea products with exceptionally competitive delivery times. The scope of work for this project includes engineering, procurement, fabrication, assembly, and testing. The project will be carried out at KOIL's state-of-the-art manufacturing facility in Houston, Texas. Final delivery is scheduled for the last quarter of this year. About KOIL KOIL Energy is a leading energy services company offering subsea equipment and support services to the world's energy and offshore industries. Founded in 1997, the Houston-based company is comprised of world-class experts in engineering and manufacturing who provide innovative solutions to complex customer challenges with a fearless commitment to Building the Future of Energy. KOIL Energy's highly experienced team can support subsea projects located anywhere in the world. Visit to learn more.
Associated Press
17-03-2025
- Business
- Associated Press
KOIL Energy Awarded Significant Contract to Deliver Subsea Distribution Equipment for US Project
HOUSTON, March 17, 2025 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG) has been awarded a significant contract to supply Multi-Quick Connector (MQC) Plates for a project in the Gulf of America. This award encompasses equipment designed to control the high-pressure systems of a subsea field operated by a U.S. independent energy company. KOIL Energy 20,000 psi MQC Plate The MQC plates will play a critical role in the subsea infrastructure by distributing hydraulic control fluid in order to regulate oil and gas production and chemical injections to support flow assurance requirements. Erik Wiik, President and CEO of KOIL Energy, said, 'This award is particularly exciting for several reasons. Firstly, it represents a repeat order from a valued client, showcasing their continued trust in our capabilities. Secondly, it features our advanced 20,000 psi technology, highlighting our commitment to innovation. Lastly, as the MQC is a cornerstone product within the subsea controls segment, this achievement paves the way for further growth.' KOIL is acclaimed for providing competitive, high-performance subsea systems globally. By leveraging practical design solutions and a vertically integrated supply chain, the company consistently delivers reliable and efficient subsea products with exceptionally competitive delivery times. The scope of work for this project includes engineering, procurement, fabrication, assembly, and testing. The project will be carried out at KOIL's state-of-the-art manufacturing facility in Houston, Texas. Final delivery is scheduled for the last quarter of this year. About KOIL KOIL Energy is a leading energy services company offering subsea equipment and support services to the world's energy and offshore industries. Founded in 1997, the Houston-based company is comprised of world-class experts in engineering and manufacturing who provide innovative solutions to complex customer challenges with a fearless commitment to Building the Future of Energy. KOIL Energy's highly experienced team can support subsea projects located anywhere in the world. Visit to learn more.
