Vallourec Secures Major Contract for Prinos CO2 Storage Project

Vallourec, a world leader in premium seamless tubular solutions, has secured a significant contract for the Prinos CO2 Carbon Storage project in Greece. The contract, awarded by EnEarth, a subsidiary of Energean, involves the supply of approximately 3,000 tons of casing pipes and accessories.

Located offshore Greece, the Prinos CO2 project is one of Europe’s most advanced Carbon Storage initiatives. It aims to convert a depleted oil reservoir into a permanent CO2 storage site, with a targeted injection capacity of up to 2.8 million tons per year. According to an independent Competent Person’s Report by NSAI (Netherland, Sewell & Associates, Inc.), the project has a total storage capacity of 51.5 million tons. Recognized by the European Union as a Project of Common Interest, the Prinos CO2 project is supported by European and Greek funding programs and is expected to contribute to the decarbonization of industrial activities in Greece and the wider Eastern Mediterranean region.

Under the contract, Vallourec will deliver a comprehensive package of premium tubular solutions, including seamless carbon steel and corrosion-resistant alloy (CRA) casing pipes equipped with VAM® premium connections, recognized for their superior sealing performance and reliability. These solutions are designed to ensure long-term well integrity, a critical requirement for the safe and permanent storage of CO2. The scope also includes CLEANWELL®, Vallourec’s dope-free solution, which enhances operational efficiency while reducing environmental impact.

This award represents a significant milestone for Vallourec’s Carbon Capture and Storage business and strengthens its position as a trusted partner for carbon storage projects. Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer, commented, "We are proud to have been selected for the Prinos CO2 Carbon Storage project, one of Europe’s most advanced Carbon Capture and Storage developments. This award demonstrates the confidence placed in Vallourec’s ability to provide premium tubular solutions that meet the stringent integrity and reliability requirements of permanent CO2 storage."

Nikolas Rigas, Head of Carbon Storage in EnEarth, added, "The Prinos CO2 Storage project is one of the first large-scale Carbon Capture and Storage developments to be built in Europe and the first of its kind in the Eastern Mediterranean. Projects of this significance are founded on safety, reliability, and long-term integrity. As Europe accelerates its decarbonization journey, infrastructure such as Prinos will play a critical role in enabling industry to reduce emissions while remaining competitive."

Vallourec, with close to 13,000 dedicated and passionate employees in more than 20 countries, works hand-in-hand with its customers to offer innovative, safe, competitive, and smart tubular solutions. Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120, and Next 150 indices and is eligible for Deferred Settlement Service. In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY), with parity between ADR and a Vallourec ordinary share set at 5:1.