TechnipFMC Completes Acquisition of Magma Global to Accelerate Development of Breakthrough Composite Pipe Technologies for Conventional Energy and CO2 Applications
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 (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.
- 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 TechnipFMCs flexible pipe technology, this forms a Hybrid Flexible Pipe (HFP) that will be deployed in the Brazilian pre-salt fields.
- 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.