Ultra deepwater scenarios, related to water depths beyond 1,500 m, require very thick walled steel pipelines or pipe-in-pipe systems, which are expensive and difficult to install due to excessive weight. Sandwich pipe is a new concept composed of two concentric steel pipes separated by and bonded to a polymeric annulus that provide the combination of high structural strength with thermal insulation. Previous results indicate that collapse pressure is strongly dependent on the polymer stiffness. The adhesion property is also important and can affect significantly the pipeline external pressure resistance due to the relative displacement between layers. Sandwich pipes can minimize steel costs and facilitate the ultra deepwater installation, with thermal and structural performance close to pipe-in-pipe systems. In this work, experimental tests and numerical models are employed to verify the influence of the inter-layer adhesion on the ultimate strength under external pressure and longitudinal bending of a sandwich pipe prototype. The maximum shear stress obtained from sandwich pipe specimens bonded by a particular adhesive indicated the adhesion levels to be adopted in the numerical simulations. Contact model combined with non-linear springs that connect the steel pipes to the polymer layer was employed to analyze both bonding and slipping conditions. As expected for a sandwich structure, the strength is strongly dependent on the interface stickiness. The analyzed geometry is able to withstand a water depth up to 3,000 meters with a bonding strength corresponding to only 10% of the idealized perfect adhesion condition. Finally, sandwich pipes with typical inner diameters of those employed in the offshore production are analyzed numerically to evaluate the ultimate strength under external pressure. The annular material must have both adequate mechanical strength and low thermal conductivity properties to satisfy the operational requirements. Some polymeric materials with different properties are selected. The global heat transfer coefficient is determined in each case to attend the thermal insulation requirements of an oil field.