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Press Release

Serimax, a Vallourec subsidiary, and Technip, to enter into a strategic partnership for pipeline welding

January 11, 2016

Boulogne  and Paris, 11 January, 2016

Serimax, a Vallourec subsidiary, a world  leader in offshore & onshore welding solutions, and Technip, a world leader in  project management, engineering and construction for the energy industry, signed  today an agreement in principle in order to achieve a strategic partnership in  the domain of pipeline welding. In this respect, Technip, a long-lasting  customer of Serimax, would acquire a minority stake in Serimax.

Technip and Serimax will  combine their expertise and will deploy the Serimax welding technology at  Technip’ spoolbases(1) and S-lay(2) vessels.

This will allow both  partners to:

  • offer high end competitive capabilities to address operators’  capital investment constraints for future projects;
  • invest in joint R&D programs and innovative reel-lay welding  solutions to meet the growing technical challenges of projects;
  • increase operational performance through enhanced productivity,  improved scheduling and higher integration of the value chain.

This strategic  partnership, which is subject to regulatory approvals, will include exclusive  arrangements in the Reel-lay welding(3) pipeline segment as well as  research and development (R&D) related programs.

Serimax will remain an  independent service and technology provider, and will continue to serve its  clients in the offshore, onshore pipeline and fabrication markets.

Frederic Castrec,  Managing Director for Serimax commented: “We are delighted Technip has the  confidence in and has selected Serimax, to further support their future project  developments. It is a clear recognition of Serimax’s capability. Together, we  can combine our respective areas of expertise to develop an integrated  technical and commercial solution.”

Hallvard Hasselknippe, President Subsea, Technip commented: “Serimax  is recognized for its experience in major international line pipe projects,  with a reputation for quality, service and innovation and a strong commitment  to R&D. Combining our domains of expertise, we believe that Serimax’s  deployment on our spoolbases and S-lay vessels will enable us to offer to our  clients a harmonized solution with greater operational repeatability. This  partnership is part of Technip’s strategic focus on technology, a key  differentiator to contribute to costs optimization on projects.”

Didier Hornet, Senior Vice President Eastern Hemisphere, who  is responsible for Vallourec's oil and gas strategy, said: “Technip and  Serimax have a longstanding relationship and this is a strategic move we have  endorsed, in keeping with optimizing on the strengths of the organizations. We  are confident that combining both company’s technologies will make a real  difference to the market and offers greater opportunities to think differently  about how we package solutions for clients. Delivering solutions to the oil and  gas market require companies that are agile and capable of growing together to  meet market expectations.”


(1)A spoolbase is  primarily used for the fabrication and spooling of rigid pipe onto vessels with  Reel-lay capability. Technip owns and operates four rigid pipe spoolbase facilities located  close to clients' deepwater developments.
(2)S-lay refers to a pipeline laying method for which all  assembly activity of the pipe is done onboard the vessel and laid  simultaneously offshore.
(3)Reel-lay refers to a  pipeline laying method for which the pipes are assembled in an onshore  spoolbase and then spooled onto reels on vessels or at quay side. The pipe is  then unspooled from reels during offshore activities.

About Serimax
Subsidiary  of Vallourec, Serimax is a full service welding company offering fully  integrated welding solutions for operations on land and at sea, in the most  extreme conditions and challenging environments whilst being tailored to the  specific needs and requirements of our clients.

About Technip
Technip  is a world leader in project management, engineering and construction for the  energy industry.
From the deepest Subsea oil & gas developments to  the largest and most complex Offshore and Onshore infrastructures, our 36,000  people are constantly offering the best solutions and most innovative  technologies to meet the world’s energy challenges.
Present in 48 countries, Technip has state-of-the-art  industrial assets on all continents and operates a fleet of specialized vessels  for pipeline installation and subsea construction.
Technip shares are listed on the Euronext Paris  exchange and traded in the USA on the OTCQX marketplace (OTCQX: TKPPY) as  American Depositary Receipts.
About Vallourec
Vallourec is a world  leader in premium tubular solutions primarily serving the energy markets, as  well as other industrial applications.
With over 23,000 employees in 2014, integrated  manufacturing facilities, advanced R&D, and presence in more than 20  countries, Vallourec offers its customers innovative global solutions to meet  the growing energy challenges of the 21st century.
Listed on the Euronext in Paris (ISIN code: FR0000120354,  Ticker: VK) and eligible for the Deferred Settlement Service (SRD), Vallourec  is included in the Euronext 100 and SBF 120 indices.
In the United States, Vallourec has a sponsored Level 1  American Depository Receipt (ADR) program (ISIN code: US92023R2094; Ticker:  VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.


For further information,  please contact:

Press relations                                                  
Héloïse Rothenbühler, +33 (0)1 41  03 77 50, heloise.rothenbuhler@vallourec.com

Investor relations
Etienne Bertrand, +33 (0)1 49 09  35 58, etienne.bertrand@vallourec.com
Christophe Le Mignan, +33 (0)1 49  09 38 96, christophe.lemignan@vallourec.com
Individual shareholders                                                    
+33 (0)1 49 09 39 76, actionnaires@vallourec.com                                    

Public relations

Laure Montcel, +33 (0) 1 49 01 87 81, press@technip.com
Delphine Nayral, +33 (0) 1 47 78 34 83, press@technip.com  

Investor and Analyst Relations
Kimberly Stewart, +33 (0) 1 47  78 66 74, kstewart@technip.com
Aurélia Baudey-Vignaud, +33 (0) 1  85 67 43 81, abaudeyvignaud@technip.com
Michèle  Schanté, +33 (0) 1 47 78 67 32, mschante@technip.com