TechnipFMC wraps up takeover of pipe technology firm Magma Global
TechnipFMC has wrapped up the previously announced deal to take full ownership of Magma Global, a UK-based provider of composite pipe technology for the energy industry.
The oilfield service provider had originally purchased a stake in Magma Global in 2018 with an objective to combine its expertise in flexible pipe technology with Magma Global’s advanced composite capabilities to build a disruptive composite pipe solution for the conventional and new energy industries.
Jonathan Landes — President of TechnipFMC Subsea said: “Magma and TechnipFMC bring together decades of combined knowledge regarding the development and installation of composite and flexible pipe.
The combination of TechnipFMC’s experience delivering complex integrated engineering, procurement, construction, and installation (iEPCI) projects offshore with Magma’s leading position in composite technologies confirms our commitment to solving the industry’s greatest challenges, while upholding our commitments to sustainability.”
The technology of Magma Global is said to enable the use of polyether ether ketone (PEEK) polymer for manufacturing thermoplastic composite pipe (TCP).
Polyether ether ketone is known for being highly resistant to CO2 and other corrosive compounds.
TechnipFMC wraps up takeover of pipe technology firm Magma Global. Photo courtesy of TechnipFMC.
TechnipFMC said that the combination of Magma Global’s thermoplastic composite pipe technology with its own flexible pipe technology results in a hybrid flexible pipe (HFP), which will be deployed in the pre-salt fields in Brazilian waters.
PEEK TCP, the hybrid flexible pipe, will be manufactured by a fully automated robotic system, and will also be a key enabler for the carbon capture, utilization and storage (CCUS) as well as hydrogen transportation markets, and in particular in offshore applications, said TechnipFMC.
Martin Jones — CEO of Magma Global said: “Joining TechnipFMC is the natural step on our journey to maximize the commercialization of our technology. We are immensely proud of the PEEK TCP technology and advanced manufacturing system we have developed.
“Working together with TechnipFMC, we look forward to delivering innovative and disruptive solutions for both subsea risers and flowlines and CCUS applications.”