NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) (PARIS:FTI) today announced that it has completed the acquisition of the outstanding shares of Magma Global (Magma), the leading provider of composite pipe technology to support the Energy Transition.
TechnipFMC originally acquired an interest in Magma in 2018, combining its strong history in flexible pipe technology with Magma’s advanced composite capabilities to develop a disruptive composite pipe solution for the traditional and new energy industries.
Magma technology enables the manufacture of Thermoplastic Composite Pipe (TCP) using Polyether Ether Ketone (PEEK) polymer, which is highly resistant to corrosive compounds, such as CO2. When combined with TechnipFMC’s flexible pipe technology, this forms a Hybrid Flexible Pipe (HFP) that will be deployed in the Brazilian pre-salt fields.
Manufactured by a fully automated robotic system, PEEK TCP will also be a critical enabler for both the carbon capture, utilization and storage (CCUS) and hydrogen transportation markets, and particularly in offshore applications.
Jonathan Landes, President, Subsea at TechnipFMC, commented: “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.”
Justin Rounce, Executive Vice President and Chief Technology Officer at TechnipFMC, added: “This technology will also be a key enabler for offshore Energy Transition developments, such as transportation of green hydrogen, as pioneered by TechnipFMC’s Deep Purple™ offshore energy system, and transportation of CO2 utilizing an integrated carbon transportation and storage solution.”
Martin Jones, CEO at Magma, 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.”
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TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments – Subsea and Surface Technologies – we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
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