TechnipFMC acquire 51 pc stake Island Offshore

TechnipFMC to acquire 51 pc stake Island Offshore

5:00 AM, 2nd February 2018
TechnipFMC  logo

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.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Enterprise prices $2.7 billion of senior notes, junior subordinated notes

HOUSTON, US: Enterprise Products Partners LP (EPD) said that its operating subsidiary, Enterprise Products Operating LLC (EPO), has priced public offe ...

Read more
ExxonMobil elects MetLife CEO to its board

IRVING, US: ExxonMobil Corporation (XOM) has elected Steven Kandarian to its board of directors, effective 1 February 2018. Kandarian is the chai ...

Read more
BASF grants NCM cathode material patents sub-license to Reshine

ISELIN, US / HUNAN, CHINA: BASF SE has granted Hunan Reshine New Material Co Ltd (Reshine) a sub-license under Argonne National Laboratory (ANL) paten ...

Read more
Shell wins nine exploration blocks in Mexico deepwater bid

MEXICO CITY, US: Shell Exploracion y Extraccion de Mexico SA de CV (Shell) has won four exploration blocks on its own, one with its partner Pemex Expl ...

Read more
Evonik, DSM establishes omega-3 fatty acids joint venture

DELFT, NETHERLANDS: Evonik Industries and Royal DSM NV have established a new company, Veramaris VOF, for the production of omega-3 fatty acids EPA an ...

Read more
Solvay promotes VP-solvents as head of Coatis unit

BRUSSELS, BELGIUM: Solvay SA has appointed Daniela Manique as president of its Coatis global business unit (GBU), promoting her from her previous posi ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X