A company that makes deep sea oil pipelines has announced this morning that it will recruit another 100 staff.
Magma Global is based at the Lakeside North Harbour Business park, and has its manufacturing and testing facility within the former Vosper Thornycroft development in Portchester, now called Trafalgar Wharf.
As previously reported in The News, the company planned to double its staff numbers after securing a massive investment from the Business Growth Fund.
It was given £8.76m towards a fund to build a facility on Southampton Water to test its oil and gas pipelines.
The new facility would enable Magma to manufacture 155 miles of carbon fibre pipes each year and recruit 100 new staff, which it is now doing, but today’s announcement is for a further 100 staff.
The company was founded in 2009 by Martin Jones, Damon Roberts, and Mike Boyd, and this latest development caps off a remarkable two years for the firm, which has grown from five employees to a total of 90 working over three sites.
The subsea market – the underwater technology related to the oil and gas sector – is one of the fastest-growing areas of the oil and gas industry, with UK expertise leading the world.
Pipelines are estimated to account for more than half of the £86.3bn spend on such underwater hardware over the next five years.
Martin Jones, founder and CEO of Magma Global, said: ‘Our ambition is to build Magma into a large export led manufacturing business founded on leading edge technology and the best engineering talent.’