Technip and FMC form joint venture

USA

HOUSTON, March 24, 2015 – France-based oilfield engineering company Technip and the US-headquartered firm FMC Technologies created a 50/50 joint venture on Monday called Forsys Subsea.

The newly formed company will concentrate on research and development; early involvement in the concept selection phase of front-end engineering design and integrated life-of-field well surveillance, monitoring, data interpretation and advisory services.

Forsys Subsea will combine technology from both companies in order to simplify how subsea oil equipment is designed, installed and operated.

The aim of the company is to reduce costs for oil operators wishing to pursue petroleum located in deep water in a time when the industry has been hit by a fall in oil prices since mid-2014 and an increase in construction costs in recent years.

“The world needs new sources of oil, and deep water holds the greatest promise of meeting this demand. But these sources are expensive to develop,” John Gremp, chairman, president and CEO of FMC Technologies, said in a statement on Monday.

“Services providers must be involved at the project concept stage, provide innovative technology that reduces costs, standardise processes and equipment for greater efficiency,” he added.

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