TechnipFMC and Island Offshore Enter into a Strategic Collaboration Agreement for Riserless Light Well Intervention
LONDON & PARIS & HOUSTON–(BUSINESS WIRE)–TechnipFMC (NYSE:FTI) (PARIS:FTI) 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.
###
Important Information for Investors and Securityholders
Forward-Looking Statements
This release contains "forward-looking statements" as defined in Section
27A of the United States Securities Act of 1933, as amended, and Section
21E of the United States Securities Exchange Act of 1934, as amended.
Forward-looking statements involve significant risks, uncertainties and
assumptions that could cause actual results to differ materially from
the Company’s historical experience and present expectations or
projections. These risks, uncertainties and assumptions relate to, among
other things, the Company’s ability to consummate the proposed
transaction with Island Offshore Subsea AS, including the satisfaction
of the conditions to consummation of the transaction; the Company’s
ability to successfully integrate Island Offshore Subsea AS’ operations
and employees as well as to work with a minority partner in Island
Offshore Subsea AS; the Company’s ability to realize anticipated
synergies and cost savings from the transaction with Island Offshore
Subsea AS; and the potential impact of the announcement or consummation
of the transaction with Island Offshore subsea AS on relationships,
including with employees, suppliers, customers and competitors of the
Company and Island Offshore Subsea AS . For additional information
regarding known material factors that could cause actual results to
differ from projected results, please see our risk factors set forth in
our filings with the United States Securities and Exchange Commission,
which include our Registration Statement on Form S-4, Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K.
We caution you not to place undue reliance on any forward-looking
statements, which speak only as of the date hereof. We undertake no
obligation to publicly update or revise any of our forward-looking
statements after the date they are made, whether as a result of new
information, future events or otherwise, except to the extent required
by law.
###
About TechnipFMC
TechnipFMC 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.
To learn more about us and how we are enhancing the performance of
the world’s energy industry, go to TechnipFMC.com and follow us on
Twitter @TechnipFMC.
###
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 (LWI).
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.
Contacts
Investor relations
Matt Seinsheimer
Vice President
Investor Relations
Tel: +1 281 260 3665
Email: Matt
Seinsheimer
or
Phillip Lindsay
Director Investor
Relations Europe
Tel: +44 203 429 3929
Email: Phillip
Lindsay
or
James Davis
Senior Manager Investor
Relations
Tel: +1 281 260 3665
Email: James
Davis
or
Media relations
Christophe Belorgeot
Vice
President Corporate Communications
Tel: +33 1 47 78 39 92
Email:
Christophe Belorgeot
or
Delphine
Nayral
Manager Public Relations
Tel: +33 1 47 78 34 83
Email:
Delphine Nayral
or
Island
Offshore
Håvard Ulstein, Managing Director
Mob.: +47 99 23
50 39
Email: [email protected]
or
Marianne
Hovden, Communications Manager
Mob.: +47 95 14 39 30
Email: [email protected]
