Victrex and Magma Strengthen Strategic Partnership
Victrex plc and Magma Global Ltd. are continuing to build their strategic partnership targeted at the oil and gas industry. Following the joint development of Magma carbon composite m-pipe utilizing Victrex PEEK, Victrex recently invested in a minority interest in Magma to further facilitate the adoption of its m-pipe for subsea applications.
Increasingly stringent demands for operations at greater depths, with sour service demands, and under higher pressures and temperatures, have made a metal replacement for subsea piping an urgent priority for the oil and gas industry. "Our strategic relationship with Magma Global will help to further facilitate the industry´s move into a new era of enhanced capabilities, coupled with reduced costs, in extreme subsea operations," commented James Simmonite, Energy director at Victrex. The investment is in line with Victrex´s strategy to create future value through innovation and further differentiation into selected semi-finished and finished products, in addition to supplying the core high performance polymer. The innovative m-pipe technology is expected to reduce exploration and production costs and risks for demanding subsea applications.
“The Oil & Gas market remains challenging, but the application of m-pipe in areas where it can deliver cost savings for operators, through simpler design, easier deployment and in whole life costs, means it should be the technology of choice for demanding subsea applications," said Martin Jones, CEO at Magma.
Victrex Europa GmbH
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