TechnipFMC (NYSE: FTI) today announced the signing of a Memorandum of Understanding (MoU) with BP Exploration & Production Inc., a subsidiary of BP p.l.c. (NYSE: BP), which sets out a framework for bp and TechnipFMC to cooperate in connection with the supply of 20,000 psi (20K) subsea tree systems for bp’s Paleogene projects in the Gulf of America.

The MoU allows both parties to identify and work cooperatively on early opportunities and future technology development in support of greater schedule certainty and improved project outcomes.

Doug Pferdehirt, Chair and CEO at TechnipFMC, commented: “The MoU reflects our commitment to advancing the deployment of standardized 20K solutions. By combining proven technologies with repeatable and systematic project delivery, TechnipFMC can help improve predictability and performance across future developments.”