REG - Victrex PLC - ‘Magma’ advances via TechnipFMC award

VictrexAnnouncement

07/05/2025 07:00

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RNS Number : 5728H  Victrex PLC  07 May 2025

May 7, 2025

Victrex plc

Victrex's 'Magma' mega-programme advances via technological contract award for
TechnipFMC

Victrex plc, an innovative world leader in high performance polymer solutions,
delivering sustainable products which support CO(2) reduction and bring
environmental and societal benefit, today welcomes the announcement by
TechnipFMC following its 'ETEC' technological contract award by Petrobras in
Brazil. This order supports the pathway towards a significant multi-year
opportunity for Victrex's 'Magma' mega-programme, which is based on
Victrex(TM) PEEK polymer, Victrex composite tape and Victrex pipe extrusion
know-how.

TechnipFMC's hybrid flexible pipe (HFP) incorporates a carbon fibre
thermoplastic composite pipe based on Victrex(TM) PEEK polymer, Victrex
composite tape and Victrex's pipe extrusion capabilities.  HFP offers the
advantages of flexible pipe, whilst providing a lighter and
corrosion-resistant solution, with faster installation and sustainability
benefits. TechnipFMC's technological order with Petrobras seeks to accelerate
the development and commercialisation of HFP as a standardised definitive
solution for stress corrosion cracking by CO(2) (SCC CO(2)) experienced with
flexible pipe systems used today.

Victrex has a long-standing and exclusive supply relationship to TechnipFMC,
as well as working closely through HFP's qualification phase. Victrex was
previously a minority shareholder in Magma Global - acquired by TechnipFMC in
2021 - to help enable new markets and support development of PEEK-based
composite pipe in the energy industry.

Jakob Sigurdsson, Chief Executive of Victrex, said: "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. This will help to enable and accelerate a high performance,
sustainable, durable and Victrex(TM) 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(TM)
PEEK materials, with significant know-how involved. We look forward to
supporting all parties to deliver and scale-up on this sizeable growth
opportunity."

 

Enquiries:

Victrex plc:

Andrew Hanson, Director of Investor Relations & Corporate Communications
      +44 (0) 1253 898121

 
 
                           +44 (0) 7809 595831

Jakob Sigurdsson, Chief Executive
                                              +44 (0)
1253 897700

Ian Melling, Chief Financial Officer
                                                 +44
(0) 1253 897700

 

Notes:

1/ The ETEC technological order used by Petrobras is a form of public
procurement aimed at developing innovative products or services. It enables
the Brazilian government to stimulate innovation, through initial funding,
with subsequent direct procurement of the developed product or service.

 

About Victrex:

Victrex is an innovative world leader in high performance polymer solutions,
focused on the end-markets of Automotive, Aerospace, Energy, Electronics and
Medical. Every day, millions of people rely on products or applications which
contain our sustainable materials, from smartphones, aeroplanes and cars to
oil & gas operations and medical devices. With over 40 years' experience,
we innovate in polymers, semi-finished and finished products which provide
environmental and societal benefit for our customers and drive value for our
shareholders. Find out more at www.victrexplc.com
(http://www.victrexplc.com/)

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