Oilfield service giant TechnipFMC has agreed to buy a 51% stake in Norwegian firm Island Offshore’s subsea subsidiary.
Island Offshore Subsea (IOS) provides well intervention project management and engineering services for well plugging and abandonment.
It employs about 80 staff members and has a base in Aberdeen.
IOS will be rebranded and become an operating unit for TechnipFMC’s riserless light well intervention (RWLI) activities worldwide.
Island Offshore chairman Morten Ulstein said: “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, said: “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.”