TechnipFMC has signed an agreement with the Island Offshore group to acquire a 51% stake in Island Offshore’s wholly owned subsidiary, Island Offshore Subsea AS. Island Offshore Subsea AS provides Riserless Light Well Intervention (RLWI) project management and engineering services for plug & abandonment (P&A), riserless coiled tubing and well completion operations. Island Offshore Subsea AS employs approximately 80 staff.

Island Offshore Subsea AS has developed proprietary designs related to subsea P&A and riserless coiled tubing. 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 AS will be rebranded and become the operating unit for TechnipFMC’s RLWI activities worldwide.

Morten Ulstein, Chairman of the Island Offshore Group, stated: “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, stated: “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 AS.

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

About Island Offshore

Island Offshore operates a modern and versatile fleet of 25 advanced and high quality service vessels for the offshore oil industry. The company has taken a leading position within attractive market segments such as platform supply, anchor handling, walk-to-work, well stimulation, subsea construction and light well intervention.

The main office of Island Offshore Management AS is situated in Ulsteinvik, Norway, while subdivisions in Stavanger, Norway, and Aberdeen, UK, supports LWI operations. In addition a crewing department is established in Lisbon, Portugal. The fleet works on a worldwide basis.

About TechnipFMC

TechnipFMC (NYSE: FTI) (PARIS: FTI) is a global leader in subsea, onshore/offshore, and surface projects. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our clients’ project economics.

We are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our clients in developing their oil and gas resources.

Each of our more than 40,000 employees is driven by a steady commitment to clients and a culture of purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.