Once again Lundin Norway has chosen Island Offshore’s LNG-powered platform supply vessels (PSV) for its operations on the Norwegian continental shelf.
“Lundin Norway is a customer that makes demands on as well as challenges their suppliers, and we appreciate that. Choosing vessels fuelled on pure LNG is characteristic of Lundin Norway’s environmentally conscious attitude and demonstrate that they take responsibility in reducing harmful emissions”, says Håvard Ulstein, Managing Director of Island Offshore Management AS.
Island Offshore was a pioneer of LNG as a fuel for platform supply vessels (PSV) when ordering the two vessels; delivered in 2012. The UT 776 CDG hullform has a low resistance over a wide speed range, and the Island Offshore vessels can in practice run on gas alone at almost all speeds. In moderate weather conditions the vessels are DP2 compliant with two gas engines supplying all the power required.
Two large main lean burn gas engine gensets, type Bergen C26:33L9AG, each with an output of 2,102kWe, and two smaller C25:33L6ACD diesel engine gensets each rated at 1,843kWe were carefully selected to optimise efficiency across the operation profile of the vessels with the objective of running on LNG fuel whenever possible.
“We highly appreciate having Lundin Norway as a customer and the good cooperation concerning environmentally beneficial operation of the vessels is especially gratifying,”, says Ulstein.
“Island Offshore chose pure LNG engines for maximum reduction in emissions. Total equivalent CO2 reduction is about 25% compared with engines burning heavy fuel. These engines also reduce NOx levels by about 90% compared to diesel engines, while particulate and SOx emissions are negligible”, Ulstein continues.
A positive side effect of gas fuel is clean engine rooms and reduced engine maintenance. Engine lube oil remains clean and has a very long life, and absence of oil fuel purifiers means that there is little sludge to dispose of.
Caption: Håvard Ulstein in the engine room of Island Crusader Photo credit: Kjetil Haanes
For more information, please contact:
Managing Director Håvard Ulstein
Tel. (47) 70 40 00 21
LONDON, PARIS, HOUSTON, February 01, 2018 — 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
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.
Matt Seinsheimer Vice President Investor Relations Tel: +1 281 260 3665 Email: Matt Seinsheimer
Director Investor Relations Europe
Tel: +44 203 429 3929
Email: Phillip Lindsay
James Davis Senior Manager Investor Relations Tel: +1 281 260 3665 Email: James Davis
Christophe Belorgeot Vice President Corporate Communications Tel: +33 1 47 78 39 92 Email: Christophe Belorgeot
Manager Public Relations
Tel: +33 1 47 78 34 83
Email: Delphine Nayral
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.
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.
Håvard Ulstein, Managing Director
Mob.: +47 99 23 50 39
Marianne Hovden, Communications Manager
Mob.: +47 95 14 39 30