Koil Energy Q3 revenue jumps 62% to record high
KLNG•KLNG•KLNG•KLNG•Koil Energy's third-quarter revenue rose 62% year over year to $10.31 million, and it reported net income of $207,000 after a loss a year earlier. The company also secured its first significant contract in Brazil and raised $5.6 million in equity capital.
Koil Energy reported record third-quarter revenue of $10.31 million, up 62% year over year, and net income of $207,000 after a loss in the prior-year quarter. Operating income was $447,000, pretax profit was $228,000 and basic earnings per share were $0.02.
The company said increased customer demand for subsea services drove revenue growth, with service contracts accounting for about 70% of revenue. It secured its first significant contract in Brazil and completed its first campaign with a newly acquired mobile offshore carousel. Koil raised $5.6 million in equity capital.
Koil said offshore market demand remains robust and the industry is firmly in an upcycle. It expects subsea award activity to accelerate over the next several years.
