TechnipFMC, Magma Global in Collaboration Agreement
TechnipFMC announced Friday that it has agreed the terms of a collaboration agreement with Magma Global Ltd. to develop a new generation of hybrid flexible pipe (HFP) for use in offshore applications.
The HFP is expected to provide increased strength and fatigue performance, while also achieving weight and cost reductions, for subsea fluid transport applications, according to a TechnipFMC statement. As part of the collaboration, TechnipFMC is purchasing a minority stake in Magma Global.
“The lighter, higher performance, and more cost-effective HFP solution will enable TechnipFMC to strengthen its leadership position in the flexible pipe business and address the new challenges of offshore deepwater fields,” Barry Glickman, president of engineering, manufacturing and supply chain at TechnipFMC, said in a company statement.
Martin Jones, Magma Global CEO, said the company was delighted to be working with TechnipFMC.
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