SHARE

French engineering player Technip and Houston-based FMC Technologies announced a new subsea joint venture Monday that will be called Forsys Subsea.

The 50/50 joint venture will provide early involvement in the concept selection phase of front-end engineering and design, integrated life-of-field well surveillance, monitoring, data interpretation and advisory services and joint R&D to drive technological innovations that will boost efficiency and reduce development costs.

Forsys Subsea will also deliver and install a seamless subsea infrastructure from seabed to topside by eliminating interfaces and integrating SPS with SURF.

“This alliance will redefine the way subsea fields are designed, delivered and maintained,” the companies said in a joint statement.

The firm will also focus on simplifying  seabed layouts, reducing complexity, accelerating time to first oil, and maximizing sustainable peak production.

“The world needs new sources of oil, and deepwater holds the greatest promise of meeting this demand. But these sources are expensive to develop, and operators will not pursue them unless they can significantly reduce costs,” FMC Technologies chairman, president and CEO John Gremp, .

Forsys Subsea will have a workforce of 320 employees at launch and will be supported by the 58,000 employees of FMC Technologies and Technip.

The company will be headquartered in London, with regional hubs in OsloHouston, Paris, Rio de Janeiro and Singapore.

“Simplicity, standardization, innovation, technological creativity and delivering tangible results to clients — this is exactly what Forsys Subsea is about, and we are delighted to make this step a reality with FMC Technologies,” Technip chairman and CEO Thierry Pilenko said.

The leadership team of Forsys Subsea includes Rasmus Sunde of FMC Technologies as CEO, Alain Marion of Technip as Chief Technology Officer, Arild Selvig of FMC Technologies as leading front end engineering and Gerald Bouhourd of Technip as leading life of field.

The transaction is still subject to regulatory approvals and other customary closing conditions.