Vallourec Joins Forces with Kuwait Oil Company for Major Contract
In a significant advancement for both Vallourec and Kuwait Oil Company (KOC), the renowned manufacturer of premium seamless tubular solutions has been awarded a substantial contract. This deal, valued at over $130 million, will see Vallourec supply Oil Country Tubular Goods (OCTG) necessary for KOC's drilling operations.
Details of the Contract
The terms of this agreement encompass the provision of carbon steel OCTG products. These include premium connections and proprietary steel grades, with expectations for delivery in the years 2025 and 2026. Vallourec's reputation for innovation and quality has positioned it to fulfill the most technically demanding parts of this tender, including high-torque flush premium connections.
Vallourec's Historical Presence in Kuwait
Vallourec has established a long-standing relationship with Kuwait, providing tailored solutions for various projects involving both offshore and onshore operations. As Kuwait aims to elevate its oil production capacity to 4 million barrels per day by 2035, this partnership aligns with KOC's strategic vision. The company recently issued a tender for deep drilling applications, showcasing an ongoing commitment to advancing its drilling capabilities.
Leadership Insights
In a recent statement, Philippe Guillemot, Group Chairman and CEO of Vallourec, expressed enthusiasm over the new partnership. He stated, “Vallourec is a strong partner of KOC, and this new order demonstrates our competitiveness and ability to reliably manufacture and deliver significant quantities of premium tubes and connections. We are eager to support KOC’s upcoming needs and challenging new projects with our most technically-advanced products.” This declaration underscores Vallourec's commitment not only to meeting current demands but also to contributing to future endeavors.
About Vallourec
As a prominent leader in the production of seamless tubular solutions, Vallourec serves the energy sector and various industrial applications. Its products are essential for the oil and gas sector, particularly in challenging environments, as well as in new power plants and architectural projects. With a workforce of nearly 13,000 employees across more than 20 countries, Vallourec is dedicated to fostering innovation and safety in all its offerings.
Furthermore, the company is publicly traded on Euronext in Paris under the ticker VK and is included in several indices, such as CAC Mid 60 and SBF 120. It also operates an American Depositary Receipt program in the United States with the ticker VLOWY, showing a commitment to international engagement.
Contact and Further Information
For further inquiries regarding their latest deal or about Vallourec's offerings, interested parties can reach out through the following contact methods:
Investor Relations:
Connor Lynagh
Tel: +1 (713) 409-7842
Email: connor.lynagh@vallourec.com
Individual Shareholders:
Toll Free number: 0 805 65 10 10
Email: actionnaires@vallourec.com
Press Relations:
Romain Grière
Tel: +33 (0)7 86 53 17 29
Email: romain.griere@taddeo.fr
Nicolas Escoulan
Tel: +33 (0)6 42 19 14 74
Email: nicolas.escoulan@taddeo.fr
Frequently Asked Questions
What is the value of the new contract awarded to Vallourec?
The contract is valued at over $130 million.
What products will Vallourec supply under this contract?
Vallourec will supply carbon steel Oil Country Tubular Goods (OCTG) products.
When will the products be delivered?
The delivery is scheduled for the years 2025 and 2026.
What is the future production goal for Kuwait Oil Company?
Kuwait aims to increase its oil production capacity to 4 million barrels per day by 2035.
How long has Vallourec been active in Kuwait?
Vallourec has a historical presence in Kuwait, providing reliable solutions for both offshore and onshore projects.
