Energy services company KOIL Energy Solutions has been awarded a contract to supply electrical and hydraulic distribution manifolds essential for a West African oil and gas project.

These manifolds are crucial for distributing power and managing the flow of resources through the subsea infrastructure.

The project's scope includes engineering, procurement, fabrication, assembly and testing of the manifolds and ancillary equipment.

The execution of the project will take place at KOIL's Houston facility, with the anticipated completion and delivery set for the latter half of 2025. Upon completion, the manifolds will be transported to the project site in West Africa.

KOIL’s revenues in the third quarter of 2024 (Q3 2024) rose by 27% to $5.2m, up from $4.1m in Q3 2023, driven by increased fixed-price subsea equipment contracts. Gross profit improved to $2.1m (40% of revenues) compared with $1.4m (33% of revenues) in Q3 2023, reflecting higher revenues and better project margins.

KOIL reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $675,000 in Q3 2024, up from $17,000 in Q3 2023. The increase was mainly due to higher revenues and gross profit from an uptick in product-oriented, fixed-price projects in Q3 2024 compared with the same period in 2023.

In October, the company secured a major contract for maintenance services on an offshore production platform for an international oil and gas company, with completion expected in Q1 2025.

In August, it won a contract to deliver bend stiffener latchers to an operator in a new region, and in April, a contract for a subsea safety control system from an international energy company.