KOIL picks up new subsea umbilical gig

June 12, 2026, by Melisa Cavcic

Houston-based subsea energy equipment and services specialist KOIL Energy Solutions has secured a project for subsea umbilical handling, spooling, and storage services with an undisclosed company.

KOIL's newly acquired mobile offshore carousel; Source: KOIL — KOIL’s newly acquired mobile offshore carousel; Source: KOIL

KOIL Energy has revealed the award of what it describes as a major subsea umbilical handling, spooling, and storage services project, which requires two large carousels. The firm will deploy both a newly acquired, large mobile offshore carousel and an existing carousel asset to execute the work.

Erik Wiik, President and Chief Executive Officer of KOIL Energy, commented: “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.”

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The work will be performed by the company’s service team during the second half of 2026, followed by long-term storage of the customer’s umbilical system. The new 3,500-metric-ton modular offshore carousel is designed to be assembled on board a vessel.

This is perceived to enable rapid mobilization and redeployment to new project locations in the U.S. and internationally on short notice. KOIL announced a new credit facility last month, which will help finance the new asset and support the company’s broader rental equipment investment plan.