The news about a new major contract can often lead to considerable positive attention for a company’s stock, and hence, it would be interesting to see if Koil Energy Solutions Inc. (OTC:KLNG) gets any action today or not. The company, which operates as a global subsea equipment and services specialist, announced yesterday that it had been granted a major new contract from a major international energy firm for a subsea safety control system.
The contract worth millions of dollars would encompass procurement, manufacturing, engineering, installation, and testing of Koil Energy Solutions’ proven and effective technical solution for the subsea safety control systems. The Chief Executive Officer of Koil Energy Solutions, Erik Wiik, spoke about the latest development yesterday. He stated that the new contract was a demonstration of the achievements of the company’s team in its prowess in the development of integrated solutions. Wiik went on to state that everyone at the company was excited at having been able to garner the trust of the customer for undertaking a project that would boost the safety of an offshore facility.
The company also announced that it would work on procurement and engineering activities during the course of 2024, and then manufacturing would get underway at Koil Energy Solutions’ advanced facility located in Houston, Texas. The company, which is based out of Houston, Texas, was established in 1997, and in the past, it was known as Deep Down Inc. Koil Energy Solutions boasts of having highly accomplished experts in the fields of manufacturing and engineering in its employ who regularly come up with innovative solutions to some of the more complex challenges faced by its customers. Since its inception, the company has provided highly specialized services to the energy and offshore industries all over the world. It may be a good time to keep an eye on it today.
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