| | |
Vallourec extends its contract with the National Oil Company of Abu Dhabi and wins a new order
Meudon, France, 20 June 2024 – Vallourec has signed with the National Oil Company of Abu Dhabi a two-year extension to the 2019 contract originally worth c. 900MUSD. This extension will take effect in January 2025 and will last up to January 2027.
Vallourec will continue to supply the complete range of tubes and connections for both conventional and complex applications in onshore and offshore Oil and Gas fields. In addition to the extension, the contract has been amended to expand the initial contract scope of supply to also include a new range of services, such as local pipe coating as well as Vallourec’s new digital solutions such as Tallyvision, which streamlines installation operations by providing full traceability for each tube.
The customer will also continue to benefit from Vallourec’s state-of-the-art yard (operational storage area), equipped with a 100% digital management system.
Under this extension, Vallourec has also secured a new major order for the supply of 27,000 tonnes of tubes. These products will be manufactured in Vallourec plants in France, Brazil, China and Indonesia, taking advantage of the Group’s strategic premium production hubs. Deliveries will start at the end of 2024.
The Group will also be supporting its customer with its VAM® Field Service on-site assistance offering.
Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer of Vallourec, commented: “The extension of our contract shows our customer’s trust and the added value they have received from this integrated tubes and services offering we have provided for the past four years as a reference supplier. Under this extension, we are further expanding our range of services. Our customer has also recognized the value and quality of this enhanced offering with its significant new order. I am proud of the high level of our operations in Abu Dhabi and the unfailing commitment of our teams to our long-standing partner.”
About Vallourec
A world leader in its markets, Vallourec provides leading tubular solutions for the energy sector and other demanding applications: from oil and gas wells in extreme conditions to the latest generation of power plants, and from daring architectural projects to ultra-high-performance mechanical equipment. True to its pioneering spirit and backed by cutting-edge R&D, Vallourec is constantly pushing back the frontiers of technology. Operating in some twenty countries, in close proximity to its customers, the Group employs almost 15,000 passionate and committed people who deliver much more than just tubes: they offer increasingly innovative, reliable and competitive solutions that make any project possible.
Listed on Euronext Paris (ISIN code: FR0013506730, Ticker VK), Vallourec features on the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for the Service de Règlement Différé (SRD, “Deferred Settlement Service”).
In the United States, Vallourec has set up a sponsored level 1 American Depositary Receipt (ADR) programme (ISIN code: US92023R4074, Ticker: VLOWY). The parity rate between the ADR and an ordinary Vallourec share is 5 to 1.
For further information, please contact:
| Investor Relations Connor Lynagh Tel.: +1 (713) 409-7842 connor.lynagh@vallourec.com | Press relations Héloïse Rothenbühler Tel.: +33 (0)6 45 45 19 67 heloise.rothenbuhler@vallourec.com |
| Individual shareholders Toll-free number (from France): 0 805 65 10 10 actionnaires@vallourec.com |
Attachment
