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French stainless steel tube manufacturer Vallourec has announced that it has reached an agreement to purchase the Dubai-based drill pipe supplier DPAL FZCO for an undisclosed amount.
In a statement Vallourec said that the acquisition would be made through its subsidiary company VAM Drilling and had been agreed with the parent company of DPAL, Soconord Group.
“The acquisition of DPAL FZCO is a perfect example of our strategy of targeted acquisitions to strengthen our position in growing markets, especially in high value-added segments of the oil industry such as drilling products,” Philippe Crouzet, chairman of Vallourec management board, said.
“It also provides us with an industrial foothold in the Middle East, close to our clients, in a region which is very important to us,” he added.
The statement added that the DPAL FZCO manufacturing facility offers a range of drill pipes to the oil drilling industry in the Middle East and has an annual production capacity of 25,000 joints.
