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Vallourec Subsidiary to Acquire DPAL FZCO
09/29/2009 - Vallourec’s fully owned subsidiary VAM Drilling has reached an agreement to acquire Dubai-based DPAL FZCO, a supplier of drill pipes that is owned by Soconord Group. The move strengthens VAM Drilling’s presence in the Middle East.
Vallourec’s fully owned subsidiary VAM Drilling has reached an agreement on the acquisition of Dubai-based DPAL FZCO, a supplier of drill pipes that is owned by Soconord Group.
The DPAL FZCO manufacturing facility, located in the Jebel Ali Free Zone (Dubai, United Arab Emirates), offers a range of drill pipes to the oil drilling industry in the Middle East. It has an annual production capacity of 25,000 joints.
The acquisition will strengthen VAM Drilling’s presence in the Middle East, providing local manufacturing for its major international customers operating throughout the region and to local National Oil and Drilling Companies. VAM Drilling says it will complement DPAL FZCO’s existing offer with premium products and extended services.
“The acquisition of DPAL FZCO is a perfect example of our strategy of targeted acquisitions to strengthen our position in growing markets, especially in high-value-added segments of the oil industry such as drilling products,” said Philippe Crouzet, Chairman of Vallourec Management Board. “It also provides us with an industrial foothold in the Middle East, close to our clients, in a region which is very important to us.”
The agreement is subject to regulatory approval; the closing of the deal is expected to take place soon.
Vallourec is a world leader in the production of seamless steel tubes designed primarily for the oil and gas, and power generation sectors, and for other industrial applications. VAM Drilling is a fully owned subsidiary of Vallourec with manufacturing facilities in France in Cosne-sur-Loire (Nièvre), Aulnoye-Aymeries (Nord), and Tarbes (Hautes-Pyrénées); in the United States in Houston, Tex.; as well as in Heerhugowaard in the Netherlands. VAM Drilling designs, manufactures, and offers a complete range of high-performance products and services for tough drilling applications, including drill pipes, heavy weight, drill collars, accessories, and performance drilling systems. It employs 800 people.
