Norwegian engineering company Aker Solutions has acquired a stake in Airborne Oil & Gas, a company specialising in the supply of thermoplastic composite pipe (TCP) solutions for the international subsea sector.
With the acquisition, Aker Solutions joins the company’s other shareholders, which include Chevron Technology Ventures, Shell Ventures, Saudi Aramco Energy Ventures, Evonik Venture Capital, Subsea 7, Sumitomo and HPE Growth Capital among others.
The investment is expected to support Airborne Oil & Gas to further strengthen, integrate and diversify its TCP solutions business. Aker Solutions will utilise TCP to enhance field development economics.
Airborne Oil & Gas CEO Oliver Kassam said: “Today’s announcement demonstrates the growing confidence and the long-term value our qualified and field proven TCP technology can bring to the oil and gas industry.
“We have a very strong portfolio of organisations invested in the business and the addition of Aker Solutions is significant as there are several areas where we can optimise the benefits of TCP to offer the sector an enhanced range of integrated products, including subsea production solutions.”
According to Airborne Oil & Gas, TCP solutions are manufactured from a composite of fibres and polymers and have better durability and corrosion resistance capabilities than steel and other pipeline materials. The TCP is designed to withstand design pressures up to 15,000 psi/1,050 bar and temperatures up to 121˚C (250˚F), reducing installation costs.
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Aker Solutions chief technology officer John Macleod said: “At Aker Solutions, we constantly work to improve the performance and cost-efficiency of our technology and the materials we work with.
“Acquiring a stake in Airborne Oil & Gas positions Aker Solutions at the forefront in the development of next-generation pipeline materials. We are excited to work with Airborne to introduce existing and new applications of thermoplastic composite pipe solutions into our subsea portfolio.”