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, the companies said.
The new joint venture will also provide integrated life-of-field well surveillance, monitoring, data interpretation and advisory services.
Forsys Subsea will reduce the interfaces of the subsea umbilical, riser and flowline systems (SURF) and subsea production and processing systems (SPS), while simplifying the seabed layout, reducing complexity, accelerating time to first oil, and maximizing sustainable peak production.
FMC Technologies and Technip will each own 50% stake in the JV, which will employ around 320 people.
Forsys Subsea will be headquartered in London, with regional hubs in Oslo, Houston, Paris, Rio de Janeiro and Singapore.
FMC Technologies chairman, president and CEO 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. 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."
