TechnipFMC (NYSE: FTI) and BP Exploration & Production Inc., a subsidiary of BP p.l.c. (NYSE: BP), have signed a Memorandum of Understanding to establish a framework for supplying 20,000 psi subsea tree systems for bp's Paleogene projects in the Gulf of America.

The MoU is intended to allow both companies to identify early opportunities and collaborate on future technology development, with the stated goals of improving schedule certainty and project outcomes.

Doug Pferdehirt, Chair and CEO of TechnipFMC, said: "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."

The agreement does not represent a binding contract, and financial terms were not disclosed in the announcement.