HOUSTON, July 30, 2026 (GLOBE NEWSWIRE) -- KOIL Energy Solutions Inc. (OTCQB: KLNG), a leading international provider of subsea equipment and services, today announced the successful commissioning of its new mobile barge-based carousel on the U.S. Gulf Coast. The asset, which was acquired earlier this year to support KOIL's growing rental equipment and services platform, has now passed system integration testing and is ready for deployment on its first project.
KOIL's newly acquired, completed mobile offshore carousel.
KOIL purchased the large-scale carousel in the spring, disassembled it, transported it to the U.S. Gulf Coast, and reassembled it. The team has now completed full system integration testing, confirming the carousel's readiness for subsea umbilical handling, spooling, and storage operations. During the visit, management also observed the successful start-up of KOIL's existing carousel following its recent increased capacity modification, demonstrating smooth operation and expanded capabilities across the company's carousel fleet.
The new modular, barge-based carousel is designed for rapid mobilization and redeployment, enabling KOIL to support complex subsea projects in the Gulf of America and internationally on short notice. Together with KOIL's existing carousel, the asset will provide high-capacity umbilical handling and long-term storage solutions, reinforcing KOIL's position as a partner of choice for customers seeking flexible, high-reliability subsea infrastructure support.
In a previous release, the Company announced a major subsea umbilical handling, spooling, and storage project that will utilize both the newly acquired mobile carousel and an existing carousel from its fleet. With commissioning now complete and modularization and mobility proven, KOIL's new carousel is ready for its first project, which is expected to be completed in late September 2026. Following that milestone, KOIL expects to market the asset for additional projects, highlighting its capacity, configuration flexibility, and the scale of the Mobile facility through expanded visual and technical materials.
KOIL believes its investment in mobile, modular carousel assets is an important enabler of the company's broader rental equipment and services strategy, supporting the KOIL 2030 roadmap and positioning the company to capture increasing demand for subsea umbilical and distribution system projects worldwide.
About KOIL (www.koilenergy.com)
KOIL Energy is a leading energy services company offering subsea equipment and support services to the world's energy and offshore industries. We provide innovative solutions to complex customer challenges presented between the production facility and the energy source. Our core services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, and related services. Additionally, KOIL Energy's experienced team can support subsea engineering, manufacturing, installation, commissioning, and maintenance projects located anywhere in the world.
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:
ir@koilenergy.com
281-862-2201
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a16edecd-e1a9-4055-bea1-45fed37f8b9b
