TechnipFMC exits joint venture subsea contract with Equinor

DeepOcean has assumed full ownership of a pipeline repair and subsea intervention contract with Equinor that it had previously operated in a joint venture (JV) with TechnipFMC.

Twenty-six staff engaged by the JV will transfer to DeepOcean.

The joint arrangement had served Equinor and others since 2007, initially with TechnipFMC as contractor and DeepOcean as sub-contractor.

In 2014, the two subsea groups entered a framework agreement with Equinor for a maintenance, operations and emergency preparedness JV.

DeepOcean will assume responsibility for the contract with Equinor over the remainder of the contract period.