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19 November 2013, 12:14 | Updated: 30 March 2016, 13:50
Over 100 new jobs are being created by a Portsmouth company that makes deep sea oil pipelines.
Magma Global in Portsmouth has announced that ten million pounds of investment in its new factory will create over 100 new jobs.
The company's Trafalgar Wharf production facility based in Portchester is expanding.
The facility currently employs 150 staff in the production of large high value carbon fibre structures for the Marine and for the Subsea Oil and Gas industries.
Magma will develop a further 5.5 acres of the Trafalgar Wharf site to expand its carbon fibre pipe production capability for the Oil and Gas market.
Magma has recently been successful in its application for funding from the Government’s Regional Growth Fund (Round 3), which will support this expansion and contribute £2.25m to the investment.
Martin Jones Magma's CEO comments, "Our carbon fibre pipes for oil and gas exploration and production are unique and combine the most advanced materials and production processes in the world today. We are becoming established within the Global oil industry as a supplier to offshore developments in many areas such as Angola and the Gulf of Mexico. This expansion of our manufacturing facilities anchors our production in Portsmouth and will result in a further 100 jobs in the foreseeable future."