TechnipFMC plc (FTI Quick QuoteFTI - Free Report) recently announced completing its purchase of Magma Global (Magma), the premier producer of composite pipe technology to assist in energy transition.

TechnipFMC first invested in Magma in 2018, hoping to build a revolutionary composite pipe solution for the traditional and new-energy industries by integrating its strong heritage in flexible pipe technology with Magma's superior composite capabilities.

Magma technology facilitates the production of Thermoplastic Composite Pipe (TCP) from Polyether Ether Ketone (PEEK) polymer, which is extremely resistant to corrosive compounds, such as carbon dioxide. When coupled with TechnipFMC's flexible pipe technology, a Hybrid Flexible Pipe (HFP) is created, which will be used in Brazil's pre-salt fields.

PEEK TCP will be a major facilitator for both the carbon capture, utilization and storage (CCUS) and hydrogen transportation industries, especially in offshore applications as it will be manufactured by a completely automated robotic system.

TechnipFMC and Magma incorporate their time-honored synergies in developing and installing composite and flexible pipe. The company's knowledge of delivering complex integrated Engineering, Procurement, Construction and Installation (iEPCI) projects offshore combined with Magma's leadership position in composite technologies demonstrates its commitment to address the industry's most pressing challenges while upholding its sustainability goals.

Brief on the Company

TechnipFMC is a leading manufacturer and supplier of products, services and fully-integrated technology solutions to the energy industry. The company, having descended from the January 2017 merger between Technip and FMC Technologies, is engaged in designing, producing and servicing technologically-sophisticated systems and products for subsea, onshore/offshore and surface projects.

Zacks Rank & Key Picks

TechnipFMC currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Continental Resources, Inc. , Whiting Petroleum Corporation and Magnolia Oil & Gas Corp (MGY Quick QuoteMGY - Free Report) , each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Continental Resources’ earnings beat the Zacks Consensus Estimate in three of the previous four quarters, missing the same on one occasion.

Whiting Petroleum’s earnings beat the Zacks Consensus Estimate in all the preceding four quarters.

Magnolia’s earnings beat the Zacks Consensus Estimate in all the last four quarters.