TechnipFMC to Acquire Remaining Shares of Joint Venture TIOS

Rhea-AI Summary

TechnipFMC (NYSE: FTI) plans to acquire the remaining 49% of shares in TIOS AS, enhancing its integrated service model. This strategic move aims to boost TechnipFMC’s capabilities in delivering Riserless Light Well Intervention (RLWI) services globally. TIOS, operational since 2005, has successfully serviced over 740 wells. The company will continue its partnership with Island Offshore for vessel provisions. Jonathan Landes, President of Subsea, emphasized the acquisition's potential to improve service delivery to clients.

Positive

• Acquisition enhances TechnipFMC's integrated service offerings in well services.
• Strengthens expertise in Riserless Light Well Intervention (RLWI) services.
• TIOS has a proven track record with over 740 wells serviced since 2005.

Negative

• None.

TechnipFMC (NYSE: FTI) (PARIS: FTI) intends 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. This will accelerate the development of TechnipFMC’s integrated service model focused on maximizing value to our clients.

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

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

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

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Forward-Looking Statement

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. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For 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 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 leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

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FAQ

What is TechnipFMC's recent acquisition regarding TIOS AS?

TechnipFMC intends to acquire the remaining 49% of TIOS AS to enhance its integrated service model.

How will the acquisition of TIOS AS impact TechnipFMC's services?

The acquisition aims to improve TechnipFMC's ability to deliver Riserless Light Well Intervention services globally.

What is the significance of TIOS AS for TechnipFMC?

TIOS AS provides critical expertise in RLWI, thereby expanding TechnipFMC's operational capabilities.

How many wells has TIOS serviced since its inception?

TIOS has serviced over 740 wells globally since 2005.