TechnipFMC acquire 51 pc stake Island Offshore

TechnipFMC to acquire 51 pc stake Island Offshore

5:00 AM, 2nd February 2018
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LONDON, UK/ PARIS, FRANCE/ HOUSTON, US: TechnipFMC (FTI) has signed an agreement to acquire 51 percent stake in Island Offshore Group’s wholly owned subsidiary, Island Offshore Subsea AS.

Island Offshore Subsea AS provides riserless light well intervention (RLWI) project management and engineering services for plug & abandonment (P&A), riserless coiled tubing and well completion operations. Island Offshore Subsea AS employs approximately 80 staff.

Island Offshore Subsea AS has developed proprietary designs related to subsea P&A and riserless coiled tubing. In connection with the acquisition of the controlling interest, TechnipFMC and Island Offshore will enter into a strategic cooperation agreement to deliver RLWI services on a worldwide basis, which will also include TechnipFMC’s RLWI capabilities. Island Offshore Subsea AS will be rebranded and become the operating unit for TechnipFMC’s RLWI activities worldwide.

Odd Stromsnes, vice president of offshore integrated services at TechnipFMC, will be the Managing Director of Island Offshore Subsea AS.

“Over the years we have had a rewarding cooperation with TechnipFMC, and we now see that an even closer integration of our companies and services is right to further develop and strengthen our position within RLWI, both in Norway and internationally,” said Morten Ulstein, chairman of the Island Offshore Group.

“We are now able to deliver a complete range of RLWI services to markets, globally. Our current track record delivering RLWI services together with Island Offshore has significantly increased production from more than 500 subsea wells,” added Hallvard Hasselknippe, president of TechnipFMC’s subsea business.

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