Boulogne-Billancourt, 21 April 2010 –
Vallourec, world leader in premium tubular solutions, today announced that it
has reached an agreement to acquire 100% of Serimax, a global leader in the
provision of fully integrated welding solutions for offshore line pipes. This
acquisition will complement Vallourec’s existing line pipe operations which
account today for approximately 10% of the Group’s total Oil & Gas sales.
Offshore line pipes are used to connect the
wellhead structures on the sea bed, either to the floating production
platforms, or to the shore. These line pipes consist of single lengths of seamless
steel pipes which are welded together. Extreme mechanical constraints imposed
to these line pipes in increasingly challenging operating conditions (corrosive
fields, deep offshore, arctic regions, continuous sea motion) require the use
of both premium grade steels and precision welding.
Headquartered in France, Serimax employs 800
people and has welding workshop facilities in the US, France, UK and Malaysia.
It has recently opened sales offices in Russia and Brazil to serve the growing
demand in both countries. Its business is primarily project based; in 2009, Serimax
conducted 50 projects in over 20 countries with total sales of € 152 million.
By joining forces, Vallourec and Serimax will
combine their respective expertise in pipe manufacturing and welding to
optimize the laying process, offering integrated solutions to customers.
Vallourec and Serimax have already worked closely on major line pipe projects including
the Yme field in Norway for Talisman, the Ursa field in the Gulf of Mexico for
Shell, and the Canapu field in Brazil for Petrobras.
Philippe Crouzet, Chairman of Vallourec
Management Board, stated: “Serimax’ welding expertise is a strong fit with our
strategy of providing premium tubular solutions for the Oil & Gas industry.
Recognized for its experience in major international line pipe projects,
Serimax has a reputation for quality, service and innovation. Its strong
commitment to R&D enables the company to respond to specific customer needs
and new challenges with full service welding solutions. Its welding services
combined with our line pipe offering for deep offshore fields will broaden
Vallourec’s Global Solutions offer. We look forward to welcoming Serimax
employees to the Vallourec Group.”
David Williams, Serimax Chief Executive
Officer, added: “Being part of the Vallourec Group opens up some very exciting
opportunities for Serimax. Over the past six years we have progressively built
Serimax in pursuit of our vision to be the international full services welding partner
of choice. Vallourec’s strong corporate culture for services and solutions
along with an outstanding commitment to innovation will be a perfect fit for us
to continue developing this vision in the interest of our clients.”
The purchase price amounts to € 150 million.
The acquisition which is subject to customary regulatory approvals will be
financed out of available liquidity. The main vendors of Serimax are Lime Rock
Partners and 4D Global Energy Development Capital Fund who purchased Serimer DASA
from Stolt Offshore in 2004. Simmons & Co acted as their advisors for this