Page 54 - ITAtube Journal 1 2019

Member News
Vallourec Deutschland GmbH
Zero rejects during first running of VAM® LOX
VAM® LOX, the latest gas-tight premium connection, is now in the field.
A major operator in Bolivia recently deployed the first string of VAM® LOX, the solution spe- cially developed by Vallourec for surface casing in the most challenging environments, for its exploratory gas well. With a total well depth of more than
5,000 meters, the surface casing was run to a depth of over 1,000 meters. The VAM® LOX gas-tight premium connection was chosen for this project to meet the strin- gent QHSE requirements [API RP 5C5 CAL 1 with gas, 100% CYS*] associated with the uncertainties of exploratory gas wells. VAM® Field Services were on site to assist the running crew with the first running of the new connec- tion. Lucio Gomez, VAM® Field Services Operations Supervisor confirmed: “We were impressed with the smooth running of VAM® LOX in the field which showed a very good performance. Using standard running equipment, with no stabbing guide, we ran 89 connections on 20”seamless pipe down hole with zero rejects or back-outs.”
Thanks to its specific thread design, VAM® LOX is quick to run;
make-up takes less than 3 turns to complete, averaging just 30 seconds per connection. Lighter weight than traditional weld-on connectors, with no need for lifting subs or anti-break out devices, VAM® LOX ensures easy stabbing, fastrunning and well integrity.
This success is a good signal that VAM® LOX can become the refer- ence surface casing connection for deep wells, HP/HT and off- shore fields. For further informa- tion: contact-octg@vallourec. com
Vallourec Deutschland GmbH
Theodorstr. 109 40472 Düsseldorf Germany
Tel: +492119602267
info@vallourec.com www.vallourec.com
Vallourec Deutschland GmbH
Vallourec provides additional information regarding its liquidity.
Vallourec’s liquidity situation is sound.
As at September 30th 2018, the Group had €769m of cash, and undrawn medium and long term confirmed facilities of €2.2bn. On the same date net debt was €2,097m including short term debt of €1,072m, of which €264m was commercial paper.
The adjusted debt ratio, as defined in the banking contracts (“the banking covenant”), was estimated at 71% on September 30th 2018, well below the limit of 100%.
This indebtedness ratio is defined in the banking agreements as the ratio of the Group’s consolidated net debt* to the Group’s equity, restated for gains and losses on
derivatives and valuation dif- ferences (gains and losses on the consolidated subsidiaries in foreign currencies). This indebted- ness ratio is tested once a year on the 31st December, and must be below a limit of 100% on this date.
For 2019:
Vallourec targets a continued growth in its oil and gas activity
ITAtube Journal No1/February 2019
54