Magma secures funds to boost m-pipe production

Offshore staff

PORTSMOUTH, UKMagma Global, manufacturer of the carbon fiber/PEEK m-pipe, has raised $60 million from Strategic Investment Capital Partners and other investors to support its growth plans.

The product is claimed to be one tenth the weight of equivalent steel pipe with strong resistance to degradation.

According to Magma, its high strength allows it to be used in all type of subsea, deepwater, and sour service environments.

The company will use the new funds to expand its manufacturing capability in order to achieve a four-fold increase over the next two years, and to support its rental business.



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