Boulogne-Billancourt,
France-based
tubular producer Vallourec announced on April 21 that it has reached an agreement to acquire 100 percent of French full service welding company Serimax.
A Vallourec press release said that the acquisition will complement Vallourec's existing line
pipe operations which account for approximately 10 percent of the group's total oil and gas sales. Offshore line pipes are used to connect the wellhead structures on the sea bed, either to the floating production platforms, or to the shore.
The purchase price amounts to €150 million. The acquisition which is subject to customary 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.
According to Vallourec's statement, headquartered in
France, Serimax employs 800 people and has welding workshop facilities in the US,
France, UK and Malaysia. It has recently opened sales offices in Russia and Brazil to serve the growing demand in both countries. In 2009, Serimax conducted 50 projects in over 20 countries with total sales of €152 million.
Philippe Crouzet, chairman of Vallourec's management board, stated, "Serimax' welding expertise is a strong fit with our strategy of providing premium
tubular solutions for the oil and gas industry. Recognized for its experience in major international line
pipe projects, Serimax has a reputation for quality, service and innovation."