Koil Energy Solutions Secures Multi-Million-Dollar Contract for Innovative Flying Leads from Gulf of Mexico Operator

HOUSTON, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Koil Energy Solutions, Inc. (OTCQB: KLNG), an international specialist in subsea energy equipment and services, today announced the acquisition of a significant order for a groundbreaking design of steel tube flying leads of extended lengths directly from an operator.

The multi-million-dollar contract encompasses the comprehensive design, engineering and manufacturing of several 1,000+ ft. flying leads tailored for a unique application in the Gulf of Mexico. All units are slated for delivery in 2024.

Charles Njuguna, President and CEO of Koil Energy Solutions, Inc., stated, “The success of our team’s efforts in securing this competitive bid for an innovative project is another step in our transition from a niche provider of offshore solutions to a premier source of technologically advanced products. We are delighted by the continued confidence placed in our team by this esteemed customer.”

Koil Energy Solutions, Inc. remains committed to delivering cutting-edge solutions and anticipates further growth in its role as a leading player in the evolving landscape of offshore energy development.

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.

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