“This award is a pivotal moment for KOIL and further validates our strategy to scale our rental equipment and services platform,” said Erik Wiik, President and Chief Executive Officer of KOIL Energy. “We secured funding, acquired a new mobile carousel, and already won its first contract, while also redeploying an underutilized carousel from our existing fleet. We were able to acquire what is essentially a new asset, ready for mobilization. This is a great opportunity for KOIL to expand our technical capabilities and accelerate our growth within rental equipment and services across the global subsea market.”
The work will be performed by KOIL’s experienced service team during the second half of 2026, followed by long-term storage of the customer’s umbilical system. The new 3,500-metric-ton modular offshore carousel is designed to be assembled on board a vessel, enabling rapid mobilization and redeployment to new project locations in the US and internationally on short notice.
Last month, KOIL announced it had secured a new credit facility, which will help finance the new asset and support the Company’s broader rental equipment investment plan.
