TechnipFMC (NYSE: FTI) has entered a collaboration agreement with Magma Global Ltd., the company said on March 23.
TechnipFMC and Magma agreed on terms to develop a new generation of hybrid flexible pipe (HFP) for use in offshore applications.
HFP is expected to provide increased strength and fatigue performance, while also achieving dramatic weight and cost reductions, for subsea fluid transport applications. 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.
Magma Global CEO Martin Jones said the company was “delighted to be working with TechnipFMC”.
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