HOUSTON, May 19, 2022 (GLOBE NEWSWIRE) -- Koil Energy Solutions, Inc. (Koil), formerly known as Deep Down, Inc. (OTCQB: DPDW), an international specialist in subsea energy equipment and services, today announced the receipt of an order to provide hydrogen energy related services. Following its recent rebrand, this is the company’s first commercial success in support of the energy transition.
“This award, direct from a major energy producer, validates our strategy to shift focus from core products and services to core competencies, confirms the viability of our decision to rebrand the company, and supports our relocation to a facility geared towards compartmentalized production of a diverse suite of products,” said Charles Njuguna, President and CEO of Koil Energy Solutions, Inc. “Being selected to provide solutions for a nascent industry is a testament to the transferability of expertise developed over the past 25 years.”
The project will initially focus on storage, management and enhancement of customer furnished materials utilizing Koil’s alloy welding and other fabrication capabilities. Following validation of early-stage activities, future phases could lead to systems integration activities potentially including the commissioning of systems being developed for the retail consumer market.
“This is a critical project for the company, as it allows us to showcase our ability to support the energy transition,” said Njuguna. “Being able to offer services for onshore applications further highlights the breadth of opportunities available to us.”
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
tashurst@koilenergy.com
Media Contact:
Hunter Dodson
Pierpont Communications
512-914-6745
hdodson@piercom.com
