TechnipFMC has reached an agreement with Norway’s Island Offshore to acquire a 51% stake in Island Offshore subsidiary Island Offshore Subsea.
Island Offshore Subsea employees around 80 staff and provides riserless light well intervention project management and engineering services for plug & abandonment, riserless coiled tubing and well completion operations.
The company will be rebranded and become the operating unit for TechnipFMC’s riserless light well intervention activities worldwide. It will be headed by Odd Strømsnes, VP of offshore integrated services at TechnipFMC.
Hallvard Hasselknippe, president of TechnipFMC’s subsea business, commented: “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.”