Saipem and TechnipFMC in SURF Deal

Saipem and TechnipFMC in SURF Deal
Saipem and TechnipFMC said the collaboration will have access to a broad range of SURF products and installation methods.

Saipem (MILAN: SPM) and TechnipFMC (NYSE, PARIS: FTI) have announced that they have entered into a global commercial agreement that will allow them to identify projects worldwide that could be jointly executed for the benefit of clients. 

The deal will pursue specific subsea umbilicals, risers and flowlines (SURF) projects where the combination of the companies’ complementary assets, technologies, products and competencies improves project economics and de-risks the overall project development, the companies noted in a joint statement.

Saipem and TechnipFMC said the collaboration will have access to a broad range of SURF products and installation methods, providing greater operational flexibility and optimized execution strategies under engineering, procurement, construction and installation (EPCI) and integrated engineering, procurement, construction and installation (iEPCI) project execution models.

“The SURF commercial agreement with TechnipFMC represents an important milestone to offer a more competitive and reliable value proposition to our clients,” Stefano Porcari, the chief operating officer of the E&C Offshore Division at Saipem, said in a company statement.

“The agreement will provide a pool of complementary enabling vessels and facilities and a consolidated Reel laying and J-laying technology base. Together we will be able to provide a full service for those challenging developments requiring an ample range of technologies and capabilities,” he added in the statement.

“We are very excited with this commercial agreement and with the opportunities that will be released to the benefit of our stakeholders,” Porcari went on to say.

Commenting on the deal, Jonathan Landes, the president of Subsea at TechnipFMC, said, “we are very pleased to partner with Saipem for the creation of this alliance”.

“Working together with Saipem, we will be well-positioned to efficiently utilize complementary assets and capabilities to create differentiated technical solutions that further optimize project execution,” he added.

“Importantly, the strengthened offering will also expand the potential market for iEPCI opportunities when combined with TechnipFMC`s innovative Subsea 2.0 production systems,” Landes continued.

Saipem describes itself as an advanced technological and engineering platform for the design, construction and operation of complex, safe and sustainable infrastructures and plants. Earlier this month, the company revealed that it and Honeywell (NASDAQ: HON) had signed an agreement for product development and commercialization of a ‘Digital Twin’ as part of Saipem's SnamprogettiTM Urea technology. Also during October, Saipem revealed that it and WSense signed a cooperation agreement for developing complex communication networks for subsea drones.

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products and services, its website notes. The company also announced a separate collaboration this month, entering into a long-term strategic alliance with Talos Energy Inc to develop and deliver technical and commercial solutions to carbon capture and storage projects along the United States Gulf Coast.

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