TechnipFMC has signed an agreement to acquire 51% of Island Offshore Subsea, taking a controlling stake in the company.
The acquisition will give TechnipFMC the ability to provide riserless light well intervention (RLWI) project management and engineering services for plug and abandonment (P&A), coiled tubing, in addition to well completion operations.
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Island Offshore Subsea’s offerings include designs related to subsea P&A and riserless coiled tubing.
Under the deal, TechnipFMC will sign a strategic cooperation agreement to deliver RLWI services on a worldwide basis, which will also include the company’s RLWI capabilities.
Island Offshore Group chairman Morten Ulstein said: “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.”
Once the transaction is complete, Island Offshore Subsea will be rebranded and appointed as the operating unit for TechnipFMC’s RLWI activities worldwide.
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By GlobalDataTechnipFMC subsea business president Hallvard Hasselknippe said: “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.”
The transaction is subject to meeting certain closing conditions.
