Koil Energy Solutions Inc (OTC: KLNG) Stock Gains After Securing Significant Contract
The worldwide subsea equipment and services leader Koil Energy Solutions Inc (OTC: KLNG) could be one to watch today after the stock gained strong momentum yesterday. On October 3 the company announced that it had been successful in bagging a major contract for providing maintenance services at an offshore production platform.
KOIL Energy Secures Significant Contract for Advanced Maintenance Services
In the news release, it was noted that the client was a global oil and gas company. Koil Energy Solutions stated that the contract included termination, commissioning, welding and removal of specialty alloys tubing deployed for hydraulic control and chemical injection. Additionally, the company would also work on testing of electric cables at the site. The contract would also include the supplying of Topside Umbilical Termination Assembly as well as subsea commissioning Logic Caps.
Koil Energy Solutions stated that it bagged a number of subsea umbilical re-termination projects and that was a demonstration of the company’s expertise in the particular domain. The procurement, engineering and planning initiatives related to the contract had already commenced at the company’s Houston, Texas location.
It was also revealed that the offshore maintenance work would be concluded by the first fiscal quarter of 2025. The company was established in 1997 and boasts of highly experienced experts in the manufacturing and engineering domains. It remains to be seen if the Koil Energy stock can maintain its momentum today.
