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TechnipFMC acquires remaining shares of UK composite pipe firm Magma Global

October 18/2021

MOSCOW (MRC) -- Energy engineering major TechnipFMC has acquired the outstanding shares of Magma Global, a Portsmouth, UK-based company that supplies composite pipes to the oil and gas sector, said the company.

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."

It originally acquired an interest in Magma in 2018, joining UK performance polymer company Victrex, which became an equity partner in Magma in 2016 and supplies PEEK polymers to Magma under a long-term deal.

In a separate statement, Victrex added that it does not expect any material change in the PEEK supply arrangement with TechnipFMC/Magma.

As per mRC, TechnipFMC announced the launch of the placement of 16 million Technip Energies shares, representing ca. 9% of Technip Energies’ issued and outstanding share capital, through a private placement by way of an accelerated bookbuild offering. Upon completion of the Placement, TechnipFMC would retain a direct stake of ca. 22% of Technip Energies’ issued and outstanding share capital.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,396,960 tonnes in January-July 2021, up by 7% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 841,990 tonnes in the first seven months of 2021, up by 29% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of statistical copolymers of propylene (PP random copolymers) subsided.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, PP, PE, neftegaz, petrochemistry, Technip.
Category:General News
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