Vallourec wins large order for a supercritical power plant in Saudi Arabia
Boulogne-Billancourt, 20 March 2014 - Vallourec, world leader in premium tubular solutions, announces that it has been selected to supply 10,000 tons of tubes for the construction of the Shuqaiq Steam Power Plant (SSPP) in Saudi Arabia. Deliveries are scheduled for the first second and third quarter of 2014.
Vallourec`s products will be used in the boilers of the oil-fired steam power plant which will be built by Yantai Hyundai Heavy Industries Co. Ltd., the Chinese subsidiary of South Korean group Hyundai Heavy Industries (HHI), for the Saudi Electricity Company (SEC) in Shuqaiq, approximately 580 km to the south of Jeddah on the Red Sea coast.
Nicolas de Coignac, Managing Director of Vallourec`s Power Business, said: "This important order illustrates that the market for new-built power generation plants is today driven by Asia and the Middle-East, with several projects destined for Saudi Arabia. In this increasingly competitive environment, we were able to win this contract thanks to the high quality of our product and our short delivery times. Our new project management approach, as well as Hyundai Heavy Industries` positive experience with us on a similar project in Jeddah, contributed to this success."
The 2 640 MW plant is intended for the desalination of sea water and will be completed by 2017. The facility has adopted the supercritical pressure power plant technology which uses very high steam pressures to generate electricity, resulting in lower fuel consumption and less pollution in comparison to other technologies.
Vallourec is a world leader in premium tubular solutions primarily serving the energy markets, as well as other industrial applications.
With over 24,000 employees, integrated manufacturing facilities, advanced R&D and a presence in more than 20 countries, Vallourec offers its customers innovative global solutions to meet the energy challenges of the 21st century.
Listed on the NYSE Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible for the Deferred Settlement System (SRD), Vallourec is included in the following indices: MSCI World Index, Euronext 100 and CAC 40.
In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.
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Source: VALLOUREC via GlobeNewswire