Offshore contracting giant TechnipFMC plans to acquire the remaining 49% of shares in TIOS, its joint venture with Norway’s Island Offshore, established in 2018.
Formerly Island Offshore Subsea, TIOS provides riserless light well intervention (RLWI) services, including project management and engineering for plug & abandonment, riserless coiled tubing, and well completion and intervention operations.
TechnipFMC said TIOS will continue to utilise Island Offshore as the vessel provider for RLWI services.
Jonathan Landes, president, subsea at TechnipFMC, commented: “This transaction brings into the company additional expertise that will maximize our capability to provide a complete range of well services globally to our clients in a rapid and economical manner.”
TIOS currently operates three RLWI vessels and has serviced over 740 wells since 2005.