TechnipFMC has completed the acquisition of outstanding shares of Magma Global with an aim to accelerate the development of composite pipe technologies for conventional energy and CO2 applications.
TechnipFMC originally acquired an interest in Magma in 2018, combining its experience in flexible pipe technology with Magma’s composite capabilities to develop a disruptive composite pipe solution for the traditional and new energy industries.
According to the company, 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.
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.”
Manufactured by a fully automated robotic system, PEEK TCP is also expected to be a critical enabler for both the carbon capture, utilization and storage (CCUS) and hydrogen transportation markets, particularly in offshore applications.
“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,” Justin Rounce, executive vice president and CTO at TechnipFMC, added.