Business UpdateJun 17, 2026, 08:12 AM
Koil Energy Secures Major Subsea Project Award
AI Summary
Koil Energy Solutions, Inc. announced a major project award for subsea umbilical handling, spooling, and storage services. The project will utilize both a newly acquired 3,500-metric-ton mobile offshore carousel and an existing carousel asset. This award validates the company's strategy to scale its rental equipment and services platform and follows the recent securing of a new credit facility to finance the new asset. The work is scheduled for the second half of 2026.
Key Highlights
- Awarded a major project for subsea umbilical handling, spooling, and storage services.
- Project requires deployment of two large carousels.
- Includes a newly acquired 3,500-metric-ton mobile offshore carousel.
- Also redeploys an underutilized existing carousel asset.
- Work to be performed by KOIL's service team in the second half of 2026.
- Secured a new credit facility last month to finance the new asset.
Price Impact
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