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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12: SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date these financial statements were available to be issued.

 

On January 8, 2025, Koil Energy received $365 for the remaining employee retention credit filed for the second quarter of 2021. This payment of $365 included the $323 applied for that was recorded on the balance sheet as a receivable well as $42 of interest earned.

 

On January 15, 2025, KOIL Energy announced the resignation of Mr. Trevor Ashurst from his position as Vice President of Finance and Administration, effective February 1, 2025. Troy Aymond, Corporate Controller stepped in as the acting CFO. The Company has partnered with an Executive Search Firm to recruit a Chief Financial Officer and a Human Resources Manager.

 

On March 3, 2025, KOIL Energy announced its expansion into Brazil, with a new center for manufacturing and service support in Macaé. KOIL Energy has leased a 180,000 sq ft property with offices and a workshop of 27,000 sq ft. The facility will mainly house service support activities. The leasing contract can be terminated with a 3 months’ notice. The subsidiary, KOIL Energy Solutions do Brasil LTDA, has also been established as the legal entity for KOIL Energy's operations in Brazil.

 

On March 4, 2025, KOIL Energy and SubseaDesign AS, a Norway-based company, formed a strategic alliance to accelerate advancements in subsea technology. Both companies provide specialty products and services for subsea projects. Driven by the rising demand for innovative solutions in the global subsea industry, the two companies will collaborate within R&D and project execution.

 

On March 17, 2025, KOIL Energy was awarded a significant contract to deliver subsea distribution equipment for a US Project. This includes Multi-Quick Connector (MQC) Plates for a project in the Gulf of America. This award encompasses equipment designed to control the high-pressure (20,000 PSI) systems of a subsea field operated by a U.S. independent energy company. The scope of work for this project includes engineering, procurement, fabrication, assembly, and testing. The project will be carried out at KOIL's manufacturing facility in Houston, Texas. Final delivery is scheduled for the last quarter of this year.