UK-based TechnipFMC will acquire a 51 per cent stake in Island Offshore's wholly owned subsidiary, Island Offshore Subsea to create a global presence in the riserless light well intervention (RLWI) market.
Norway-based Island Offshore Subsea, which employs 80 staff, provides RLWI project management and engineering services for plug and abandonment (P&A), riserless coiled tubing and well completion operations.
It has developed proprietary designs related to subsea P&A and riserless coiled tubing.
Under the arrangement, Island Offshore Subsea will be rebranded and become the operating unit for TechnipFMC's RLWI activities worldwide.
TechnipFMC Vice-President of Offshore Integrated Services Odd Strømsnes will also become Managing Director of Island Offshore Subsea.
Chairman of the Island Offshore Group Chairman Morten Ulstein said the agreement was subject to the satisfaction of certain closing conditions.
