TechnipFMC to buy out Island Offshore in well intervention joint venture

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.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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