Press Release
VALLOUREC SECURES TWO OCTG CONTRACTS IN IRAQ
WITH CNOOC AND WITH PETROCHINA
Meudon (France), July 8, 2025 - Vallourec, a world leader in premium seamless tubular solutions, has secured two contracts to supply Oil Country Tubular Goods (OCTG) to support the drilling operations of CNOOC and PetroChina in Iraq. These contracts carry potential revenue of over $130 million.
The contracts cover the supply of carbon steel and Super-13Cr steel OCTG products with VAM® premium connections. Deliveries are scheduled throughout 2025 and 2026 to support Iraq's increasing drilling activities. The diversity of these projects highlights Vallourec's unique ability to tailor its offering to the distinct technical requirements of both operators.
Iraq holds some of the world's largest oil reserves with several super-giant oil fields that are increasingly being developed by international oil and gas companies. As a result, demand is rising for premium OCTG material that can meet the scale and technical complexity of ongoing and future projects.
Philippe Guillemot, Chairman of the Board of Directors and CEO of the Vallourec Group, commented: "These contracts come in the context of recent announcements from Iraq's Ministry of Oil to increase the country's oil production capacity from 4.1M bpd in 2025 to 6M bpd in 2029. With these awards, CNOOC and PetroChina have acknowledged Vallourec's competitiveness and ability to supply significant quantities of premium material in a short time frame. VAM® connections are more than ever praised by operators in Iraq and across the Middle East for their robustness and ease of use, which supports the choice of VAM® as a standard for their operations."
About Vallourec
Vallourec is a world leader in premium seamless tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec's pioneering spirit and cutting edge R&D open new technological frontiers. With close to 13,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible.
Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for Deferred Settlement Service. In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1
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Attachment
- Vallourec_Press Release - Iraq Awards (CNOOC & PetroChina) (https://ml-eu.globenewswire.com/Resource/Download/e4667489-52ae-4fe1-84b7-ba6c4f430bf9)
