TechnipFMC has entered into a collaboration with Magma Global to develop innovative hybrid flexible pipe technology, enhancing subsea applications.
Target Information
TechnipFMC, a prominent player in the subsea, onshore/offshore, and surface project sectors, has entered into a collaboration agreement with Magma Global Ltd. This partnership aims to develop a new generation of hybrid flexible pipe (HFP) designed for offshore applications. The HFP technology is anticipated to enhance strength and fatigue performance while significantly reducing weight and costs associated with subsea fluid transport.
Through this collaboration, TechnipFMC is acquiring a minority stake in Magma Global, which is recognized for its innovation in composite piping solutions. The m-pipe®, a product of Magma, stands out for its lightweight and high-performance characteristics, making it suitable for various demanding subsea applications.
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Industry Overview in the UK
The offshore oil and gas industry in the United Kingdom plays a critical role in the national economy, contributing significantly to energy production and job generation. With a historic focus on North Sea oil production, the industry
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TechnipFMC
invested in
Magma Global Ltd.
in 2018
in a Strategic Partnership deal