Island Offshore Subsea News

TechnipFMC said it has signed an agreement with the Island Offshore group to acquire a 51 percent 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 and 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.

Island Offshore, a global Light Well Intervention (LWI) specialist, has been selected by Premier Oil U.K. Ltd. to undertake a new LWI service contract on the U.K. Continental Shelf. The win strengthens Island Offshore’s established position in the dynamic and competitive North Sea marketplace. Premier, an oil and gas exploration and production company, awarded the business to Island Offshore and the North Sea RLWI Alliance, the operator of three monohull vessels specially designed for well intervention tasks. A key factor in the decision-making process was said to be Island Offshore’s extensive segment expertise, having successfully performed approximately 250 well interventions since 2005.