Continues today … Vallourec-June 2, 2022 08:11

(AOF)-Vallourec has announced the appointment of Enrico Schiappacasse as the Group’s SVP strategy and development. He will take office on June 1, 2022 and will join the Executive Committee. Enrico Schiappacasse was formerly Vice President of the Prismian Group’s Oil and Gas Business Unit and a global leader in cables and systems for energy and telecommunications.

From 2009 to 2022, Enrico Schiappacasse held various positions within the Prismian Group. After eight years as his first Strategy and M & A Director, he became Vice President of Energy Marketing, Products and Business Development, and subsequently appointed Vice President of Oil and Gas Business Unit. -president.

Philip Gilmo, Chairman and Chief Executive Officer of Vallourec, said: Responsible for leading and implementing the future strategic direction of the Group. ”

AOF-Details

Key Point

-Co-world leader with Tenaris in the seamless steel pipe market (12% market share) and world leader in premium tubular solutions.

-With sales of 3.4 billion euros, it has a strong position in the oil and gas sector (54%), surpassing the strong growing industries (36%), petrochemicals (6%) and electrical energy.

-New three-pillar economic model: a transformation plan to reduce capacity in Europe, strengthen presence in two Americas, the Middle East and Southeast Asia, and improve competitiveness.

-Unoperable capital due to the presence of BPI (2%), the Apollo Fund is the first shareholder to hold a 20% stake, chairing Edouard Guinotte, Managing Director and 9 Boards of Directors.

-The balance sheet was cleaned up with a capital increase in June 2021, with capital of € 1.8 billion, cash of € 1.1 billion and net debt of € 985 million, while own funds of € 284 million. was.

Task

-An “acceleration” strategy that achieves a total savings target of € 200 million from 2021 to 2010 and achieves profitable growth through outstanding industry and more efficient support functions.

-Innovation strategies supported by 6 R & D centers for the following purposes:

-Leverage technical benefits (VAM® connectivity) and digital solutions distributed to customers via the Smartengo Vallourec.smart platform,

-Meet the challenges of lightness in industry, power plant efficiency in electrical energy, and transportation and storage complexity in oil and gas.

-Support employee suggestions through OpenInnovatin Challenges and Boosters.

-Environmental strategies on the CDP A list and validated in two parts by SBTi:

-Providing energy transfer solutions for geothermal energy, offshore wind, carbon capture and storage, and hydrogen with the goal of “significantly increasing sales in 2020-30”.

-Mitigation of impact: 40% renewable energy, 96% recycled waste, 43% recycled steel.

-Production quality of three major industrial sites: Youngstone in the United States, and therefore the competitive advantage of the group supported by increased tariffs on steel, Brazil VSB, and China Tianda.

-Success of Valorek Ambiral, who is in charge of tubes for offshore umbilical.

-Developing competitive routes between Brazil and China. Tube production of 500kt is expected in 2024 compared to 300kt in 2019.

El Dorado on the seabed

One of the ten objectives of the French 2030 Plan presented by the French government is the exploration of the deep sea. France is the second largest maritime power in the world and one of the 22 countries benefiting from international seafloor exploration contracts. A limited number of players, including China, produce mineral resources. By utilizing the seabed, the state seeks to benefit from strategic reserves. However, this survey has its limitations. First of all, the operation is complex and expensive, which creates profitability issues. And it is impossible to harness these wealth without damaging deep-sea ecosystems.

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