U.S.-based subsea equipment and services provider KOIL Energy has secured a major project award for subsea umbilical handling, spooling and storage services, a contract that will utilize both a newly acquired offshore carousel and an existing asset from its rental fleet.
The project requires two large carousels, with KOIL deploying its recently acquired 3,500-metric-ton modular offshore carousel alongside an existing carousel to execute the work.
The contract is scheduled to be carried out during the second half of 2026 by KOIL's subsea services team and will be followed by long-term storage of the customer's umbilical system.
The newly acquired carousel is designed to be assembled onboard a vessel, allowing rapid mobilization and redeployment to project locations in the United States and international markets.
"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. 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,” said Erik Wiik, President and Chief Executive Officer of KOIL Energy.
The award follows KOIL's announcement last month that it had secured a new credit facility to help finance the carousel acquisition and support the company's broader investment strategy for rental equipment.
The project marks the first contract for the newly acquired carousel and forms part of KOIL's efforts to expand its subsea rental equipment and services business in the global offshore market.