Revenue Growth
Koil Energy increased revenue by 22% this quarter, generating $6.4 million, which is also 22% higher than Q3 last year. Service revenue grew by 33%, and fixed price contracts or product sales increased by 15% compared to Q3 last year.
Expansion into Brazil
Koil Energy has been awarded its first two contracts in Brazil, marking a significant step forward in the company's growth strategy.
Record High Backlog
The company achieved a record high backlog due to recent contract awards, indicating a positive outlook for future quarters.
Positive Market Feedback
Received positive client feedback from the U.S., Brazil, and Norway, suggesting future subsea tieback activities may increase significantly.