Victrex hails TechnipFMC contract win in Brazil for Magma programme

(Alliance News) - Victrex PLC on Wednesday noted an announcement by TechnipFMC PLC on its win of a technological contract with Petrobas in Brazil, which Victrex expects to advance its Magma mega-programme.

Shares in the Lancashire, England-based polymer solutions provider for automotive, aerospace, energy and industrial, electronics and medical markets were up 6.3% to 900.00 pence each in London on Wednesday around midday.

Victrex's Magma programme is based on a thermoplastic composite pipe for the energy industry. Victrex was previously a minority shareholder in Magma Global, which was acquired by London-based new energy technology company TechnipFMC in 2021.

TechnipFMC's order with Petrobas aims to accelerate the development and commercialisation of a hybrid flexible pipe as a standardised solution for stress corrosion cracking by carbon dioxide.

TechnipFMC will incorporate into its hybrid flexible pipe a carbon fibre thermoplastic composite pipe based on Victrex PEEK polymer, Victrex composite tape and Victrex's pipe extrusion capabilities.

"This is a major commercial milestone. It builds on the progress achieved during the qualification phase and is good news for Victrex and our 'Magma' mega-programme," said Victrex Chief Executive Officer Jakob Sigurdsson.

"This will help to enable and accelerate a high performance, sustainable, durable and Victrex PEEK-based alternative for the industry, as well as the opportunity to bring a new solution for other oil & gas fields.

"Hybrid flexible pipe demonstrates the wide-ranging benefits of Victrex PEEK materials, with significant know-how involved. We look forward to supporting all parties to deliver and scale-up on this sizeable growth opportunity."

By Emily Parsons, Alliance News reporter

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