PARIS – TechnipFMC has signed an agreement to acquire a 51% stake in Island Offshore’s subsidiary Island Offshore Subsea AS.
The latter provides Riserless Light Well Intervention (RLWI) project management and engineering services for plug and abandonment (P&A), riserless coiled tubing and well completion operations, including various proprietary designs.
It employs around 80 staff.
TechnipFMC and Island Offshore plans to form a strategic co-operation agreement to deliver RLWI services worldwide, including TechnipFMC’s own RLWI capabilities.
As a result, Island Offshore Subsea AS will be rebranded and become the operating unit for TechnipFMC’s global RLWI activities.
Hallvard Hasselknippe, President of TechnipFMC’s Subsea business, said: “Our current track record delivering RLWI services together with Island Offshore has significantly increased production from more than 500 subsea wells.”
Odd Strømsnes, vp of Offshore Integrated Services at TechnipFMC, will become managing director of Island Offshore Subsea AS.