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Victrex said TechnipFMC had acquired the company's stake in Magma Global.
The company said it does not envisage any material change to the supply relationship to TechnipFMC.
'We believe the acquisition by TechnipFMC of Magma represents a significant and very tangible commitment by TechnipFMC to Hybrid flexible pipe programmes which are based on Victrex PEEK polymer and composite tape,' the company said.
As Technip FMC indicate, this technology is focused on the traditional oil & gas sector, as well as being an enabler in emerging opportunities such as carbon capture & storage systems and hydrogen transportation.