Technip, FMC Form New Subsea Joint Venture

Technip and FMC Technologies create a new joint venture focusing on the subsea market.

Oilfield engineering firms Technip and FMC Technologies have created a 50:50 joint venture focused on the subsea market. Call Forsys Subsea, the new business aims to combine the two companies' skills and capabilities in the subsea arena.

In a statement, issued Sunday, the firms said that by "bringing the industry's most-talented subsea professionals together early in the project concept phase, Forsys Subsea will have the technical capabilities, products and systems to significantly reduce the cost of subsea field development and provide the technology to maximize well performance over the life of the field".

France's Technip and US-based FMC intend Forsys Subsea to reduce the interfaces of the subsea umbilical, riser and flowline systems (SURF) and subsea production and processing systems (SPS). The firms believe the new business will also simplify seabed layout, reducing complexity, accelerating time to first oil and maximizing sustainable peak production.

Forsys Subsea will focus on:

Early involvement in the concept selection phase of front-end engineering and design, when ability to influence cost is greatest.
Integrated life-of-field well surveillance, monitoring, data interpretation and advisory services.
Joint research and development to drive technological innovations that will boost efficiency and further reduce development costs.

The new firm will have a workforce of 320 people and will be supported by 58,000 staff across Technip and FMC. The company will be headquartered in London with regional hubs in Oslo, Houston, Paris, Rio de Janeiro and Singapore.

Technip CEO Thierry Pilenko commented in a company statement: