TechnipFMC, Island Offshore Join Forces in Riserless Well Intervention

TechnipFMC has signed an agreement with Island Offshore to acquire 51% stake in Island Offshore Subsea.

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

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 will be rebranded and become the operating unit for TechnipFMC’s RLWI activities.

Morten Ulstein, chairman of the Island Offshore Group, 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.”

Hallvard Hasselknippe, president of TechnipFMC’s Subsea business, added: “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.”

Odd Strømsnes, vice president of Offshore Integrated Services at TechnipFMC, will be the managing director of Island Offshore Subsea, the company informed.

The agreement with TechnipFMC is subject to the satisfaction of certain closing conditions.

Share this article

Follow Subsea World News

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Submarine Networks World 2019

As the key annual gathering for decision makers in the subsea communications value chain, they offer a dedicated platform…

read more >

8th International Conference 2019 Offshore Wind Power Substations

The International Conference Offshore Wind Power Substations is a technical event for experts in the wind industry.

read more >

Wind Turbine Towers

Wind Turbine Towers is a technical event for experts in the wind industry and the goal is to push forward technical development for future tower concepts.

read more >

Seatrade Europe 2019

The three day event will  take place in the hub of the European cruise industry, Hamburg; Germany…

read more >