KOIL Energy Secures Major Contract

HOUSTON, April 24, 2024 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG), an international specialist in subsea equipment and services, today announces the award of a significant contract for a Subsea Safety Control System from a major international energy company.

The multi-million-dollar contract encompasses the engineering, procurement, manufacturing, installation and testing of KOIL’s robust and well proven technical solution for Subsea Safety Control Systems.

Erik Wiik, the CEO of KOIL Energy, said: “This contract stands as a testament to our team’s achievements in developing integrated solutions. We are thrilled to have earned the trust of our customer, allowing us to undertake this project that will enhance the safety of their offshore facility.”

KOIL Energy will perform engineering and procurement activities during 2024 followed by manufacturing at its state-of-the-art production facility in Houston, Texas during 2025. Installation and testing will be carried out at the client’s dedicated integration site.

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.

Investor Relations Contact:
Trevor Ashurst
VP of Finance