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Magma Global: £10.5m Funding Secured to Qualify an Insulated All Carbon Fibre Subsea Pipe

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Magma Global: £10.5m Funding Secured to Qualify an Insulated All Carbon Fibre Subsea Pipe

Equinor joins Magma in UK government backed qualification programme

PR Newswire

STAVANGER, Norway and PORTSMOUTH, England, August 29, 2018 /PRNewswire/ --

Magma Global, manufacturer of carbon-fibre composite pipe, today announces a joint initiative with Equinor, previously Statoil, to qualify an all-Magma solution for jumpers, initially envisaged for use in Norway. This secures the £10.5m project being supported by Innovate UK and will be a step towards fulfilling Magma's vision of owning the fluid transfer infrastructure from seabed to surface.

Charles Tavner, COO at Magma Global, said: "There is no doubt in our minds that the future subsea infrastructure will be dominated by carbon-fibre composites. We have seen acceptance of this from large contractors, each developing their own solution using m-pipe, which is a natural adoption path. This initiative will fast forward the delivery of an all-Magma solution, thanks to funding support from Innovate UK and Equinor's vision and understanding of how they can best use available technologies."

Derek Allen, Innovation Lead at Innovate UK, said: "We are delighted to have supported this innovative project that will ultimately lead to improved efficiency and cost reduction in the UK energy sector."

About Magma Global:

Magma Global manufacturers m-pipe®, a high quality, high strength carbon fibre and Victrex PEEK thermoplastic composite pipe that is one tenth the weight in water of equivalent steel or non-bonded flexible pipe and is highly resistant to degradation. m-pipe® is manufactured using high quality carbon fibre and Victrex PEEK in a fully automated robotic 3D laser print process, and the Magma In Country Manufacturing Module (ICMM) can meet local content requirements. Magma m-pipe® subsea applications include risers, jumpers, infield flowlines and intervention lines and it is ideally suited to sour service and deep-water environments. Customers include Saudi Aramco, Equinor, Eni and Tullow, which recently demonstrated a 65% reduction in installation cost of a deep-water flowline by using m-pipe®.

SOURCE Magma Global

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