Subsea equipment and services provider Koil Energy Solutions has received an order to provide cable termination services for a wave energy project.
Koil Energy Solutions, formerly Deep Down, said that the order in question is for a project that will commence the initial phase in the fourth quarter of 2022.
Additional phases are expected to be completed in 2023. The company did not disclose further details on the project.
“This award is another step in progressing our core competencies beyond our traditional lines of business in the oil and gas sector” , said Charles Njuguna , President and CEO of Koil Energy.
“This wave energy opportunity highlights the transferability of our expertise to other energy sectors and provides further validation of our strategy to rebrand and reposition the company as a leading provider of fully integrated solutions.”
At the beginning of the year, the Texas-based firm decided to change its name in pursuit of energizing the future of the subsea energy sector.
The company, now named Koil Energy, transformed its image by building on the commitment to precise, creative, and timely engineering solutions in the offshore technology sector.
Its first post-rebranding deal included an order from a “major energy producer” to provide hydrogen energy-related services.