Offshore staff
PARIS -- Tubulars specialist Vallourec has acquired welding group Serimax for €150 million ($198 million).
Vallourec has a presence in more than 20 countries and employs over 18,000 people. The company says that under this transaction, the two companies will be able to offer combined line pipe manufacturing and welding services.
Serimax provides welding and fabrication for offshore pipelines, spoolbases, and land lines. It employs 800 staff, with welding workshop facilities in the US, France, UK and Malaysia, and last year completed 50 projects in over 20 countries.
The company will continue to act as an autonomous business within the Vallourec Group, providing welding for all types of pipes and clients.
Serimax chief executive officer, David Williams, said the deal brings benefits to the welding group and its clients. “It is business as usual for Serimax and we will continue with our current growth strategy and organizational structure. Our existing customers can be assured that…we will be able to improve on the level of service, skills, and technology that they currently receive.”
Philippe Crouzet, chairman of Vallourec Management Board, said: “Serimax has a reputation for quality, service, and innovation and a strong commitment to R&D. Its welding services combined with our line pipe offering for deep offshore fields will broaden Vallourec’s global solutions offer.”
The acquisition, which is subject to 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 which purchased the company, formerly Serimer DASA, from Stolt Offshore in 2004.
4/29/2010
