Houston-based subsea energy equipment and services specialist KOIL Energy Solutions has secured a project for subsea umbilical handling, spooling, and storage services with an undisclosed company.
KOIL Energy has recently announced a significant contract award for subsea umbilical handling, a critical service in the energy sector. This project involves not just spooling and handling but also extending to the long-term storage of umbilical systems for the project’s client. This type of work is essential as it involves managing the vital connections between the seabed and offshore installation, ensuring smooth operations in oil and gas production.
To execute this project, KOIL will deploy two large carousels: one is a newly acquired mobile offshore carousel, while the other is an asset from their existing fleet. This strategic choice highlights KOIL’s commitment to modernizing and expanding its operational capacity in subsea services.
Erik Wiik, President and CEO of KOIL Energy, expressed his enthusiasm about this pivotal moment for the company. He noted, “This award is a pivotal moment for KOIL and further validates our strategy to scale our rental equipment and services platform. We secured funding, acquired a new mobile carousel, and already won its first contract, while also redeploying an underutilized carousel from our existing fleet.” This statement captures the innovative spirit driving KOIL as it continues to adapt and grow in a competitive market.
The new carousel, with a capacity of 3,500 metric tons, stands out because it is designed for modular assembly onboard vessels, which enhances its versatility. This capability will enable rapid mobilization to project sites, both within the U.S. and internationally. Such agility is crucial in the energy sector, where project timelines and site locations can change rapidly.
This undertaking is expected to be carried out in the second half of 2026, with KOIL ensuring that the project will be managed by their skilled service team. Following the work’s completion, the company will also take charge of the long-term storage of the customer’s umbilical system, emphasizing KOIL’s comprehensive service offerings that cover multiple aspects of subsea operations.
Furthermore, KOIL has recently announced the establishment of a new credit facility, which will provide the necessary financial leverage to support this latest acquisition and the broader rental equipment investment strategy. This initiative signifies a robust plan for growth, allowing KOIL to enhance its equipment and services while staying competitive in the subsea energy market.
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