Victrex invests £10m in Magma

Victrex invests £10m in Magma

Commenting, Martin Jones, Magma Global CEO said:

“We are very pleased to strengthen our relationship with Victrex as they take a minority equity interest in Magma. Today’s announcement is a great endorsement of the progress we are making within the oil & gas sector and comes towards the end of an extremely active year for the business.
Magma has continued to make significant progress in ensuring that m-pipe® is established as the technology of choice for demanding subsea applications within the oil and gas industry.” IDP commissioning“The year has seen the launch of a leading rental system for hydraulic pumping for intervention, early production and temporary riser replacement, consisting of m-pipe® with an Integrated Deployment Package and crew, as well as the completion of the extended production facility at our UK headquarters in Portchester. Whilst the Oil & Gas market remains challenging, Magma’s programme is focused on the application of m-pipe® in areas where is can deliver savings in both capex and opex for operators. We anticipate next year to be equally busy despite the ongoing market pressures.” Source: Magma oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook ]]>

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