FMC Technologies and Technip are forming a new company to help oil firms reduce the cost of subsea field development.

Both the companies have signed an agreement to form an alliance, launching Forsys Subsea, a 50/50 joint venture (JV).

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Forsys Subsea will tie up technology from both the companies to simplify how subsea oil equipment is designed, delivered and operated.

"The creation of Forsys Subsea embodies a new way of thinking to a degree that’s never been done before."

It will reduce the interfaces of the subsea umbilical, riser and flowline systems (SURF) and subsea production and processing systems (SPS).

Forsys Subsea will focus early involvement in the concept selection phase of front-end engineering and design, when ability to influence cost is greatest.

The alliance will deliver and install a subsea infrastructure from seabed to topside by removing interfaces and integrating SPS with SURF.

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The JV, which is expected to employ 320 people, will have its headquarters in London, and other offices in Oslo, Houston, Paris, Rio de Janeiro and Singapore.

FMC Technologies chairman, president and chief executive officer John Gremp said: "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.

"This requires not just incremental improvements, but step changes and new ways of thinking.

"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."