Vallourec DRilling Product, the French producer of top of the range pipes for the oil trade based mostly in Boulogne-Billancourt, is without doubt one of the final large firms that would not survive the dramatic and protracted fall of the crude oil costs. Since 2013, the corporate has recorded colossal and common losses which might be worrying, as much as € 63 million in 2015-2016. In December 2017, the corporate suggested that, after negotiations run with the US oil companies firm National Oilwell Varco (NOV), it has obtained a binding provide for the acquisition of Vallourec Drilling Products enterprise, for a complete money quantity of US$63 million.
This provide covers all of Vallourec’s industrial actions associated to Vallourec Drilling Products in North America, within the Middle East, within the Netherlands, and in France (one plant in Aulnoye-Aymeries, Hauts de France).
The French “Drilling Products” websites in Cosne sur Loire (Bourgogne-Franche Comté) and in Tarbes (Occitanie) would bear an unbiased divestment course of on the similar time.
Vallourec Drilling Products, with an general workforce of round 600 staff, provides a variety of merchandise together with drill pipes, drilling equipment and different tubular merchandise.
NOV is a US firm and main supplier of oil companies with a worldwide presence, providing the expertise, tools and companies wanted for drilling, oil and fuel effectively completion, and hydrocarbon manufacturing.
This challenge additional helps Vallourec’s Transformation Plan aiming at strengthening its competitiveness on its strategic markets. In accordance with the relevant laws, this challenge is conditional upon the approval of governance constructions and session with the related employees consultant our bodies.
The Group additionally provides a variety of tubes for petrochemical installations (refineries), for mechanical engineering purposes (hydraulic cylinders, machine instruments, and many others.), for the automotive trade, for development (stadiums, different advanced buildings and constructions) and for numerous different industrial sectors. (Source: Vallourec)

The submit THE END OF VALLOUREC DRILLING PRODUCTS appeared first on Energy Global News.

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