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Success Stories Sucess Stories
EIC Survive& &Thrive Thrive IX EIC Survive 2025
2025 JulyJuly 2025
Story type #transformation (main category)
Benefits ▸ KOIL Energy had a growth year in 2024 and expects to scale up internationally in 2026. ▸ Operations scaled whilst maintaining delivery quality.
KOIL Energy Strategic transformation drives 50% annual growth and global expansion Erik Wiik CEO How is KOIL Energy thriving? Following years of flat growth and operating below critical mass, Houston-based KOIL Energy has undergone a dramatic transformation under CEO Erik Wiik’s leadership. The subsea solutions specialist delivered record-breaking results in 2024, achieving four consecutive quarters of 50% year-on-year growth, reaching US$23m in revenue and US$3.5m in EBITDA. Through strategic client relationship expansion and cultural transformation, KOIL has evolved from a project-driven service provider into an integrated products and services platform, and is now poised to scale internationally and compete across broader subsea markets. The challenge - By early 2023, KOIL Energy had reached an inflection point. Despite providing exceptional service to existing clients, the company was trapped in a cycle of projectto-project survival without access to capital needed for sustainable growth. Operating with a high degree of customer concentration and heavily dependent on the US offshore market, KOIL was vulnerable to legislative policy changes and shifts in client strategies. The company’s narrow geographic focus and limited customer base meant it often operated below critical mass – a position that threatened long-term sustainability. With limited shareholder returns and a small market capitalisation, KOIL lacked access to the capital necessary for strategic expansion. Whilst the company maintained excellent client relationships and strong technical expertise, it struggled to realise its full potential. The solution - KOIL Energy’s transformation began in October 2023 with the arrival of Erik Wiik as an external consultant followed by his appointment as CEO in March 2024. Erik brought with him a fresh perspective to assess the company’s capabilities and identify growth opportunities, and launched an ambitious threeyear strategy designed to maximise existing potential whilst expanding market reach. The first phase focused on expanding business with current clients through strategic relationship management. Rather than maintaining isolated relationships within client organisations, KOIL implemented a
“heatmap” approach, identifying untapped departments and new opportunities within existing large clients. This effort revealed that many customers were unaware of KOIL’s full capabilities, having confined the company into narrow service areas. By expanding relationships across client organisations, KOIL was able to convert fragmented accounts into strategic, enterprise-wide relationships and capture immediate revenue opportunities. The cultural transformation was equally significant. KOIL transitioned from purely service-focused model to a fully integrated approach combining engineering, fabrication, assembly, and offshore deployment. By leveraging its deep application knowledge and field expertise, the company repositioned itself to provide complete solutions rather than individual components. This shift is aligned with its ”engineered for service” philosophy, which emphasises technical problem-solving and collaborative customer engagement. Central to KOIL’s success has been fostering a culture of collaboration and inclusivity. Every employee, regardless of function, was encouraged to adopt a sales-oriented mindset and understand how their role contributes to customer outcomes. Engineers and technicians now work closely together in on-site ‘huddles’ with clients, driving innovation and quality through integrated problem-solving. This collaborative approach has extended beyond internal teams to include customers in troubleshooting and development efforts. KOIL’s Business DNA includes collaboration and speed. This is an incredibly effective way of working enabling exceptional responsiveness, quicker problem-solving, and reduced lead-times. The company’s technology strategy centres on solution selling – starting with the client’s problem, identifying optimal solutions, then engineering, fabricating and delivering customised responses. This technical orientation, combined with proactive workforce planning and strategic hiring, has enabled KOIL to scale operations whilst maintaining delivery quality. Looking ahead, KOIL is entering the second phase of its strategic plan, which involves international expansion, identifying strategic partners and establishing presence in new global subsea markets. In early 2025, KOIL opened a new 180,000-square-foot technology centre in Macaé, Brazil. In 2026, KOIL aims to expand its network of international facilities capable of delivering
Key findings For young people ▸ Find your passion and what you are good at – you can become an expert in this industry by working here – learn by doing. For industry ▸ Develop a culture of inclusivity, oneteam, collaboration (the “Business DNA”) and your company will be unique and have its competitive edge.
KOIL Energy at a glance: Key products and services: subsea equipment and support services to the world’s energy and offshore industries. Main industries served: ▸ Oil and gas – 90% ▸ Offshore renewable energy – 5% ▸ Others (non-energy): infrastructure – 5% Headquarters: Houston, US Year established: 1997 Number of employees: 64 Revenue: £17.3m Revenue from exports: 20%
integrated services to the oil and gas industry whilst further venturing into adjacent markets such as renewables and telecommunications infrastructure. KOIL’s transformation demonstrates how strategic client relationship management, cultural evolution and collaborative innovation can unlock significant growth. The company’s ability to leverage existing strengths whilst adapting to market opportunities has positioned it well for long-term global relevance, proving that with the right strategy and mindset, even established companies can achieve notable transformation and growth in competitive markets. Indeed, the immediate impact of these strategic changes has been profound. 2024 became a record year with consistent quarterly growth, which provides the ultimate validation for KOIL’s approach and has set the foundation for sustained international expansion. Through maintaining its technical excellence whilst expanding relationship breadth and market reach, KOIL has evolved from a one-off service provider into a dynamic, growth-oriented solutions company.