TechnipFMC intends to acquire the remaining 49% of shares in TIOS AS, a joint venture between TechnipFMC and Island Offshore Management AS (Island Offshore) formed in 2018. This will accelerate the development of TechnipFMC’s integrated service model focused on maximizing value to our clients.

TIOS provides fully integrated Riserless Light Well Intervention (RLWI) services, including project management and engineering for plug & abandonment, riserless coiled tubing, and well completion and intervention operations, and has serviced over 740 wells globally since 2005.

The company will continue to utilize Island Offshore as the vessel provider for RLWI services.

Jonathan Landes, President, Subsea at TechnipFMC, commented, “We are pleased to welcome TIOS wholly into TechnipFMC. 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.”

About TechnipFMC

TechnipFMC (NYSE: FTI) (PARIS: FTI) is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

About Island Offshore

The Island Offshore Group is privately owned and comprises a group of ship owning and management companies. The Island Offshore Group is currently operating a fleet of 27 vessels ranging from Platform Supply vessels, Anchor Handling Vessels, Subsea Construction Vessels to Light Well Intervention Vessels. In addition, the Group has one vessel under construction.