SPI funds invest in the capital of Vallourec Umbilicals
10 June 2019
The "Sociétés de Projets Industriels" funds (“SPI funds”), managed by Bpifrance and subscribed jointly by the French Government and the European Investment Bank under the "Juncker Plan", have invested in the capital of Vallourec Umbilicals, specialized in the manufacture of tubes for umbilicals, to support and finance its phase of industrialization on a larger scale. Thanks to this investment, Vallourec Umbilicals will be able to triple its production capacity enabling it to become a key player in the growing market of offshore umbilical tubes.
Vallourec Umbilicals manufactures Super Duplex stainless steel tubes, to be assembled by its customers into umbilicals. Umbilicals are a key element for an underwater oil installation.
The industrial project aims to triple this capacity by installing two new production lines in the immediate vicinity of the current facilities. For Vallourec Umbilicals, the main objective of this development is to gain a significant share of the world market for umbilical tubes.
To carry out this project, the SPI funds operated by Bpifrance, whose purpose is to support industrial projects offering business opportunities and jobs creation for innovative industrial sectors, have invested alongside with Vallourec.
You can find more news in the news archive.