VALLOUREC : Vallourec signs an important contract with Abu Dhabi National Oil Company
BOULOGNE BILLANCOURT, France, March 30, 2016 (GLOBE NEWSWIRE) -- Vallourec, a world leader in premium tubular solutions, has signed a contract with the Abu Dhabi National Oil Company (ADNOC) to supply OCTG1 during the 2016-2018 period to its three operating companies (ADMA-OPCO, ADCO, ZADCO2). This is the first time that a tender has been organized to supply all three operating companies, and represents the largest single OCTG contract (close to 100,000 tons) that Vallourec has received to supply the Emirate of Abu Dhabi.
Vallourec will supply a full range of standard API3 and premium OCTG for both onshore and offshore oilfields, for applications ranging from conventional to complex wells. Included in the contract is the supply of high torque VAM® connections for extended reach drilling and corrosion resistant alloy steels for sour service. Field running supervision and inspection will be provided by the Vallourec experts.
Didier Hornet, Senior Vice President, Eastern Hemisphere said, "thanks to our worldwide presence, we are able to offer ADNOC a full range of products, from premium to API, from all of our mills, with competitive lead times and competitive prices. Together with VAM Field Services4, we are able to support ADNOC with value added solutions from the mill to the rig".
OCTG will be supplied from Vallourec's mills in France, Germany, Brazil and China.
About Vallourec
Vallourec is a world leader in premium tubular solutions primarily serving the energy markets, as well as other industrial applications.
With over 20,000 employees in 2015, integrated manufacturing facilities, advanced R&D and a presence in more than 20 countries, Vallourec offers its customers innovative global solutions to meet the energy challenges of the 21st century.
Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible for the Deferred Settlement System (SRD), Vallourec is included in the following indices: SBF 120 and Next 150.
In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.
2 ADMA-OPCO = Abu Dhabi Marine Operating Company, ADCO = Abu Dhabi Company for Onshore Oil Operations, ZADCO = Zakum Development Company
3 API: American Petroleum Institute
4 VAM® Field Service team: 230 field engineers through 11 regional hubs, who can be called at any time to go onto the platforms and install its products
