Topic: Intervention

TechnipFMC to acquire remaining shares of TIOS

Region: All
Content Types: Report
Date: July, 2021

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TechnipFMC has announced its intention 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.

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

The acquisition will accelerate the development of TechnipFMC’s integrated service model focused on maximising value to its clients.

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

Jonathan Landes, President, Subsea at TechnipFMC, said, “We are pleased to welcome TIOS wholly into TechnipFMC. This transaction brings into the company additional expertise that will maximise our capability to provide a complete range of well services globally to our clients in a rapid and economical manner.”

This announcement comes soon after the company released its Q2 2021 results, in which its subsea performance was particularly strong.

Doug Pferdehirt, Chairman and CEO of TechnipFMC, commented, “Subsea inbound orders of US$2.8bn in the first half of the year were strong. We continue to see a healthy list of prospects and remain very confident in our full-year guidance for Subsea orders of more than US$4bn. Furthermore, growth in 2022 is supported by an increasing set of opportunities.

“We believe that offshore will continue to play a meaningful role in the total energy mix. We are building partnerships in support of new energy, leveraging our differentiated technologies, and capitalising on our integrated project execution and expertise as the subsea architect.”