Known as ROAM, the device has been developed under the pair's Subsea Services Alliance.
The 18.75-inch large bore system will enhance well abandonment capacity from a well intervention vessel by allowing tubing to be pulled in open water in a safe and environmentally contained manner, Schlumberger said in a statement.
"The ROAM system will support open water well abandonment operations while employing well control and environmental protection measures," Helix CEO Owen Kratz said.
"This system will allow Helix to expand our existing open-water tubing pulling operations to new regions and further extend the capabilities of our diverse fleet."
Schlumberger's OneSubsea president Mike Garding said the development was in response to a market requirement to lower the cost of subsea abandonment.
"The ROAM system will extend our capability into true lower completion abandonment, and also reduce the uncertainty of well integrity that our customers face when they proceed to upper completion abandonment operations."
The ROAM system will be engineered and built at the OneSubsea manufacturing facility in Aberdeen.
The system, which will complement existing intervention riser systems and subsea intervention lubricators, is expected to be available to customers in the third quarter 2017.