Subsea specialist KOIL Energy touts 48% increase YoY in FY2024 report

April 18, 2025

KOIL Energy Solutions secured numerous subsea, engineering and maintenance contracts recently and is looking to expand its global footprint.

Ariana Hurtado

KOIL Energy received a contract to deliver subsea distribution manifolds for a West Africa project.

Deepwater specialist KOIL Energy Solutions reported FY2024 revenue of $23 million, which is a 48% increase year over year, according to its fourth-quarter and full-year 2024 results released on April 15.

Recap of 2024 contracts

In April 2024, Houston-based KOIL was awarded a contract for a subsea safety control system from "a major international energy company" for its offshore facility. The multi-million-dollar contract work scope includes engineering and procurement activities, which KOIL performed during 2024, followed by manufacturing at its production facility in Houston during 2025. Installation and testing will be carried out at the client's dedicated integration site.

In October 2024, the company received a contract to provide maintenance services on an offshore production platform, also for an undisclosed international oil and gas company. The work scope includes the removal, welding, termination and commissioning of specialty alloy tubing used for chemical injection and hydraulic control, as well as the termination and testing of electrical cables. The company also will supply a topside umbilical termination assembly and subsea commissioning logic caps. The offshore maintenance work was scheduled to be completed in the first quarter of 2025.

KOIL subsea equipment — KOIL Energy secured a contract in August 2024 to provide subsea equipment.

KOIL also secured work in August to deliver bend stiffener latchers to an operator in a new but unnamed region. The project is scheduled to be completed in the second quarter of 2025.

Rounding out the 2024 contracts, KOIL secured a contract in December to to deliver electrical and hydraulic distribution manifolds for a project offshore West Africa for an international oil and gas company. The work scope includes engineering, procurement, fabrication, assembly, and testing of the manifolds and related equipment.

Expanding the company's global footprint

Moreover, the company stated in the FY2024 report that "international activities have progressed well ahead of the original growth plan."

Last month KOIL expanded into Brazil with a new manufacturing and service support facility in Macaé, and it also formed a strategic alliance with Norway-based SubseaDesign AS to accelerate advancements in subsea technology.

Additional work announced in March 2025

Earlier this year, KOIL secured a contract to supply multi-quick connector (MQC) plates for a project in the Gulf of Mexico. The company says the equipment is designed to control the high-pressure systems of a subsea field operated by a US independent energy company. The MQC plates will distribute hydraulic control fluid to regulate oil and gas production and chemical injections to support flow assurance requirements.

New leadership

Last year the company also announced the resignation of President, CEO and CFO Charles Njuguna due to a family health matter. He also resigned as a member of the company's board of directors. Erik Wiik was named president and CEO, effective April 1, 2024.

About the Author

Ariana Hurtado | Editor-in-Chief

With more than a decade of copy editing, project management and journalism experience, Ariana Hurtado is a seasoned managing editor born and raised in the energy capital of the world—Houston, Texas. She currently serves as editor-in-chief of Offshore magazine, overseeing the editorial team, its content and the brand's growth from a digital perspective.

Utilizing her editorial expertise, she manages digital media for the Offshore team. She also helps create and oversee new special industry reports and revolutionizes existing supplements, while also contributing content to Offshore magazine, its newsletters and website as a copy editor and writer.

Prior to her current role, she served as Offshore's editor and director of special reports from April 2022 to December 2024.

Before joining Offshore, she served as senior managing editor of publications with Hart Energy. Prior to her nearly nine years with Hart, she worked on the copy desk as a news editor at the Houston Chronicle.

She graduated magna cum laude with a bachelor's degree in journalism from the University of Houston.