Subsea field development Launch of Joint Venture for Subsea Field Development
Forsys Subsea, a joint-venture between FMC Technologies. and Technip, will focus on early involvement in the concept selection phase as well as integrated life-of-field well surveillance, monitoring, data interpretation and advisory services.
Paris/France — FMC Technologies. and Technip agreed to form an alliance and to launch Forsys Subsea, a 50/50 joint venture that will unite the skills and capabilities of the two subsea industry companies. Bringing 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. FMC Technologies and Technip will have 50/50 ownership of Forsys Subsea. The transaction is subject to regulatory approvals and other customary closing conditions.
Gathering the expertise and experience of its parent companies, 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 as well as integrated life-of-field well surveillance, monitoring, data interpretation and advisory services. Furthermore the company will benefit from joint R&D to drive technological innovations that will boost efficiency and further reduce development costs.
“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,” said John Gremp, FMC Technologies Chairman, President and Chief Executive Officer. “This requires not just incremental improvements, but step changes and new ways of thinking. Service providers must be involved at the project concept stage, provide innovative technology that reduces costs, standardize processes and equipment for greater efficiency, and execute flawlessly. The creation of Forsys Subsea with an industry leader such as Technip embodies this new way of thinking to a degree that's never been done before.”