TechnipFMC Completes Acquisition of Magma Global to Accelerate Development of Breakthrough Composite Pipe Technologies for Conventional Energy and CO2 Applications
13 Octobre 2021 - 10:15PM
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.”
Important Information for Investors and
Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in
Section 27A of the United States Securities Act of 1933, as
amended, and Section 21E of the United States Securities Exchange
Act of 1934, as amended. The words “believe”, “estimated” and other
similar expressions are intended to identify forward-looking
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only as of the date hereof. We undertake no obligation to publicly
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date they are made, whether as a result of new information, future
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About TechnipFMC
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.
TechnipFMC uses its website as a channel of distribution of
material company information. To learn more about how we are
driving change in the industry, go to www.TechnipFMC.com and follow
us on Twitter @TechnipFMC.
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