FMC Technologies, Inc. and Technip today announced that Forsys Subsea, a 50/50 joint venture, has received all regulatory approvals. The parties closed the transaction making Forsys Subsea operational on June 1, 2015.
Forsys Subsea is a joint venture formed as part of a broader alliance between FMC Technologies and Technip that unites the skills and capabilities of two subsea companies to redefine the way subsea fields are designed, delivered and maintained.
According to the press release, by combining the technologies of the parent companies, Forsys Subsea will reduce the interfaces of the subsea umbilical, riser and flowline systems (SURF) and subsea production and processing systems (SPS). It will also simplify the seabed layout, thereby reducing complexity, accelerating time to first oil, and enabling higher sustainable field production, the press release reads.
The company says that this unique combination will drive a new, step-change approach to how equipment designs and installation methods converge in a new generation of subsea architecture.
Forsys Subsea CEO, Rasmus Sunde, said, “With Forsys Subsea we are launching an exciting and compelling business proposition by providing front-end engineering and life-of-field decision support to our customers. Based on this, we will enable customers to take advantage of lower costs, reduced execution time and execution risks, and higher uptime of the installed base by leveraging the combined technologies and execution capabilities of the parent companies.”