Vallourec Announces Major OCTG Contracts with CNOOC, PetroChina
Vallourec's New Contracts Boost Drilling Operations in Iraq
Vallourec, a renowned player in the field of premium seamless tubular solutions, is making waves with its latest achievement: securing two substantial contracts to supply Oil Country Tubular Goods (OCTG). These contracts engage the global giants CNOOC and PetroChina, aiming to enhance their drilling operations in Iraq and are anticipated to generate over $130 million in revenue for Vallourec.
Details of the Contracts
The newly awarded contracts involve the provision of sophisticated carbon steel and Super-13Cr steel OCTG products outfitted with VAM® premium connections. These deliveries are set to span throughout 2025 and 2026, reflecting Vallourec's commitment to support the escalating drilling activities within Iraq. The bespoke nature of this project underscores Vallourec’s proficiency in customizing solutions that meet the specific technical demands of its partners.
Meeting the Demands of a Growing Market
Iraq is home to some of the globe's most substantial oil reserves, with a multitude of super-giant oil fields that attract international oil and gas enterprises. Consequently, the need for high-quality OCTG materials is surging, as these products must measure up to the expansive scale and intricate technical requirements of both ongoing and future drilling initiatives. Vallourec's strategic positioning allows them to tap into this growing market.
Insights from the CEO
Philippe Guillemot, the Chairman of the Board and CEO of Vallourec, shared his enthusiasm about these contracts, stating his belief in Vallourec's capability to meet the time-sensitive demands of CNOOC and PetroChina. He highlighted recent announcements from Iraq's Ministry of Oil aimed at boosting the country's oil production capacity from 4.1 million barrels per day to 6 million by 2029. Guillemot noted that these contracts validate Vallourec's competitive edge in supplying premium materials quickly, with the VAM® connections being distinctly acknowledged for their robustness and ease of use across the Middle East.
About Vallourec
Vallourec stands out as a global leader in the field of premium seamless tubular solutions tailored for energy markets as well as for strict industrial applications like oil and gas wells located in challenging environments. The company also supplies materials for innovative power plants, demanding architectural designs, and advanced mechanical equipment. With a workforce composed of approximately 13,000 dedicated professionals across more than 20 countries, Vallourec is committed to going beyond mere product provision; instead, the company focuses on delivering innovative, safe, and cost-effective tubular solutions to ensure project success.
Commitment to Excellence
Listed on Euronext Paris with the ticker VK, Vallourec is part of multiple indices, including CAC Mid 60 and SBF 120. They actively engage in developing new technologies as part of their research and development efforts, showcasing a pioneering spirit that drives them to explore new frontiers in the energy sector.
Contact Information
For further inquiries, Vallourec encourages interested parties to reach out to the following contacts:
Investor relations:
Connor Lynagh
Tel: +1 (713) 409-7842
Contact: connor.lynagh@vallourec.com
Individual shareholders:
Toll Free number: 0 805 65 10 10
Contact: actionnaires@vallourec.com
Press relations:
Romain Grière
Tel: +33 (0)7 86 53 17 29
Contact: romain.griere@taddeo.fr
Nicolas Escoulan
Tel: +33 (0)6 42 19 14 74
Contact: nicolas.escoulan@taddeo.fr
Frequently Asked Questions
What are the main highlights of the recent Vallourec contracts?
Vallourec has secured contracts worth over $130 million to supply OCTG to CNOOC and PetroChina for operations in Iraq.
What types of products will Vallourec supply under these contracts?
Vallourec will provide carbon steel and Super-13Cr steel OCTG products with VAM® premium connections.
When are the deliveries scheduled to occur?
Deliveries are planned to take place throughout 2025 and 2026.
Why is Iraq important for Vallourec?
Iraq contains some of the world's largest oil reserves, driving demand for premium OCTG materials for ongoing drilling projects.
How can investors get in touch with Vallourec?
Investors can contact Vallourec through their investor relations representative, Connor Lynagh, via email or phone.
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