Vallourec has signed a 10-year agreement with Saudi Arabia
for the supply of Premium Housings and Services
Meudon (France), 20 September 2022 – Vallourec, world leader in premium tubular solutions, signed a 10-year agreement with Saudi Aramco for the supply of Premium Casing and Services. The associated controls will be manufactured and delivered by the Vallourec plant in Saudi Arabia. The agreement strengthens the existing relationship between the Group and the Saudi national company.
This agreement will cover part of Saudi Aramco’s needs for Premium OCTG (Oil Country Tubular Goods) solutions for its drilling operations. It includes the provision of Premium Casing as well as inventory management services.
As part of the iktva (Inot-Kindom Jtotal Vvalue Anot a word) launched by Saudi Aramco, Vallourec has presented a global plan which contributes significantly to the development of local production in Saudi Arabia over the long term.
This contract is on call, placed quarterly for the duration of the agreement. The first two on-call orders have already been received, for delivery scheduled for early 2023.
This agreement represents a key achievement for Vallourec in Saudi Arabia. It paves the way for a common roadmap focused on innovation, services and energy transition. It offers Vallourec Saudi Arabia solid prospects for its presence in the region.
“This first long–The term agreement is a strong recognition by Saudi Aramco that Vallourec is a long-term strategic partner for the years to come. This is an important step in Vallourec’s long history with Saudi Aramco, paving the way for an extended collaboration with clear opportunities to introduce our wide range of innovative solutions while strengthening our presence in the Kingdom.. I would like thank Saudi Aramco for its trustdeclared Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer.
Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil and gas wells in harsh environments, next-generation power plants, demanding architectural projects and equipment high performance mechanics. Vallourec’s pioneering spirit and cutting-edge R&D are opening up new technological frontiers. With nearly 17,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand in hand with its customers to offer more than tubes: Vallourec offers innovative, safe, competitive and intelligent tubular solutions to make every project possible.
Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for the Deferred Settlement Service.
In the United States, Vallourec has set up a level 1 sponsored American Depositary Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY). The parity between ADR and one ordinary Vallourec share was set at 5:1.
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