Boulogne 听and Paris, 11 January, 2016
Serimax, a Vallourec subsidiary, a world 听leader in offshore & onshore welding solutions, and Technip, a world leader in 听project management, engineering and construction for the energy industry, signed 听today an agreement in principle in order to achieve a strategic partnership in 听the domain of pipeline welding. In this respect, Technip, a long-lasting 听customer of Serimax, would acquire a minority stake in Serimax.
Technip and Serimax will 听combine their expertise and will deploy the Serimax welding technology at 听Technip鈥� spoolbases(1) and S-lay(2) vessels.
This will allow both 听partners to:
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- offer high end competitive capabilities to address operators鈥� 听capital investment constraints for future projects;
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- invest in joint R&D programs and innovative reel-lay welding 听solutions to meet the growing technical challenges of projects;
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- increase operational performance through enhanced productivity, 听improved scheduling and higher integration of the value chain.
This strategic 听partnership, which is subject to regulatory approvals, will include exclusive 听arrangements in the Reel-lay welding(3) pipeline segment as well as 听research and development (R&D) related programs.
Serimax will remain an 听independent service and technology provider, and will continue to serve its 听clients in the offshore, onshore pipeline and fabrication markets.
Frederic Castrec, 听Managing Director for Serimax commented: 鈥�We are delighted Technip has the 听confidence in and has selected Serimax, to further support their future project 听developments. It is a clear recognition of Serimax鈥檚 capability. Together, we 听can combine our respective areas of expertise to develop an integrated 听technical and commercial solution.鈥�
, President Subsea, Technip commented: 鈥�Serimax 听is recognized for its experience in major international line pipe projects, 听with a reputation for quality, service and innovation and a strong commitment 听to R&D. Combining our domains of expertise, we believe that Serimax鈥檚 听deployment on our spoolbases and S-lay vessels will enable us to offer to our 听clients a harmonized solution with greater operational repeatability. This 听partnership is part of Technip鈥檚 strategic focus on technology, a key 听differentiator to contribute to costs optimization on projects.鈥�
Didier Hornet, Senior Vice President Eastern Hemisphere, who 听is responsible for Vallourec's oil and gas strategy, said: 鈥淭echnip and 听Serimax have a longstanding relationship and this is a strategic move we have 听endorsed, in keeping with optimizing on the strengths of the organizations. We 听are confident that combining both company鈥檚 technologies will make a real 听difference to the market and offers greater opportunities to think differently 听about how we package solutions for clients. Delivering solutions to the oil and 听gas market require companies that are agile and capable of growing together to 听meet market expectations.鈥�
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(1)A spoolbase is 听primarily used for the fabrication and spooling of rigid pipe onto vessels with 听Reel-lay capability. Technip owns and operates four rigid pipe facilities located 听close to clients' deepwater developments.
(2)S-lay refers to a pipeline laying method for which all 听assembly activity of the pipe is done onboard the vessel and laid 听simultaneously offshore.
(3)Reel-lay refers to a 听pipeline laying method for which the pipes are assembled in an onshore 听spoolbase and then spooled onto reels on vessels or at quay side. The pipe is 听then unspooled from reels during offshore activities.
About Serimax
Subsidiary 听of Vallourec, Serimax is a full service welding company offering fully 听integrated welding solutions for operations on land and at sea, in the most 听extreme conditions and challenging environments whilst being tailored to the 听specific needs and requirements of our clients.
About Technip
Technip 听is a world leader in project management, engineering and construction for the 听energy industry.
From the deepest Subsea oil & gas developments to 听the largest and most complex Offshore and Onshore infrastructures, our 36,000 听people are constantly offering the best solutions and most innovative 听technologies to meet the world鈥檚 energy challenges.
Present in 48 countries, Technip has state-of-the-art 听industrial assets on all continents and operates a fleet of specialized vessels 听for pipeline installation and subsea construction.
Technip shares are listed on the Euronext Paris 听exchange and traded in the USA on the OTCQX marketplace (OTCQX: TKPPY) as 听American Depositary Receipts.
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About Vallourec
Vallourec is a world 听leader in premium tubular solutions primarily serving the energy markets, as 听well as other industrial applications.
With over 23,000 employees in 2014, integrated 听manufacturing facilities, advanced R&D, and presence in more than 20 听countries, Vallourec offers its customers innovative global solutions to meet 听the growing energy challenges of the 21st century.
Listed on the Euronext in Paris (ISIN code: FR0000120354, 听Ticker: VK) and eligible for the Deferred Settlement Service (SRD), Vallourec 听is included in the Euronext 100 and SBF 120 indices.
In the United States, Vallourec has a sponsored Level 1 听American Depository Receipt (ADR) program (ISIN code: US92023R2094; Ticker: 听VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.
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