Vallourec has reached an agreement to acquire 100% of Serimax, a company that provides fully integrated welding solutions for offshore line pipes. 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. Vallourec and Serimax have already worked closely on major line pipe projects including the Yme field in Norway for Talisman, the Ursa field in the Gulf of Mexico for Shell, and the Canapu field in Brazil for Petrobras. The purchase price amounts to EUR 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 who purchased Serimer DASA from Stolt Offshore in 2004.
