BP PLC and the Subsea Integration Alliance (SIA) have signed a deal to develop "a framework to enhance integrated subsea project performance", BP said Monday.

The nonincorporated alliance consists of OneSubsea, a Schlumberger NV (SLB) company, and Subsea7 SA. OneSubsea and Subsea7 provide engineering services and technology for offshore oil and gas projects. Both have worked for BP.

The memorandum of understanding "will combine the three companies’ skills, knowledge and experience across a global portfolio of projects", BP said in a press release Monday. "The agreement will combine bp’s experience to frame, build and execute projects with the Alliance’s capability to deliver integrated subsea production systems and subsea umbilical, riser and flowline systems.

"The team will work together, from concept development through the full field lifecycle to support project delivery through new ways of working and an innovative commercial model".

The agreement, signed on Friday in London, focuses on safety, quality and project performance. BP and the SIA will form a new team to manage activities under their partnership, according to the announcement by the British energy giant.

"The members of Subsea Integration Alliance have been key suppliers of bp for decades, and by combining our resources and knowledge, we can bring significant benefits to our customers and our stakeholders", BP senior vice-president for projects Ewan Drummond said in a statement. "Together we can safely deliver projects with improved project schedules, reducing our total cost of ownership and harnessing synergies through a collaborative one-team mindset".

Olivier Blaringhem, chief executive of the SIA, commented, "Together with bp, we will deliver lower carbon energy to the world through enhancing long-term subsea performance".

Earlier a proposed joint venture involving the alliance had completed regulatory review. SLB, Subsea7 and Aker Solutions ASA now expect the transaction to close in the fourth quarter.

"Following clearance as of today by antitrust authorities in Brazil, all regulatory approvals/clearances required to close the transactions have been obtained, including required clearances in Angola, Mozambique, Australia, Norway, the United Kingdom and the United States", Aker Solutions said in a press release August 4.

"The joint venture is planned as a milestone in subsea production economics, helping customers unlock reserves, reduce time to first oil, lower development costs, and achieve decarbonization goals", Aker Solutions said. "The three companies will bring together deep reservoir domain and engineering design expertise, extensive field-proven subsea production and processing technology portfolios, world-class manufacturing scale and capabilities, and a comprehensive suite of life-of-field solutions to customers around the world".

Upon the completion of the JV transaction, the resulting company will assume SLB's role in the SIA, according to a joint press release August 30, 2022 first announcing the JV.