Vallourec extends supply contract with ADNOC for $900 million, securing new order; positive.

From Nasdaq: 2024-06-21 13:38:00

French tubular solutions provider Vallourec S.A. (VLOWY) secures a two-year contract extension with Abu Dhabi National Oil Company worth $900 million. The extension, effective from January 2025, will see Vallourec continue supplying tubes and connections for onshore and offshore fields in the UAE.

The extended contract now includes additional services like local pipe coating and implementation of Vallourec’s Tallyvision digital solutions. Vallourec also secures a new order to supply 27,000 tons of tubes to ADNOC, produced across plants in France, Brazil, China, and Indonesia, with deliveries starting by the end of 2024.

Vallourec emphasizes the value it provides through integrated tubes and services, maintaining a strong partnership with ADNOC. The company recently secured contracts with major oil companies like ExxonMobil and Equinor for various projects.

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