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Velan awarded major offshore valve contracts in Singapore worth US$18 million

2018/07/26
Velan Inc.'s wholly owned subsidiary located in Lucca, Italy, has been awarded important contracts for the supply of three different types of valves to MODEC Offshore Production Systems (Singapore) Pte. Ltd.
 
These orders represent a sales value of about US$18 million and are scheduled for delivery by early 2019.
 
Velan ABV signed contracts with MODEC for the supply of API 6D and API 6A valves for their new floating production storage and offloading (FPSO) MV30 Carioca vessel. The FPSO will be deployed at the Sépia field operated by Petróleo Brasileiro S.A. (Petrobras), located in the giant “pre-salt” region of the Santos Basin some 250 kilometers off the coast of Rio de Janeiro, Brazil at a water depth approximately 2,200 meters [1].
 
The scope of supply consists of over 1,500 medium, high and ultra-high pressure forged valves, both soft and metal seated ‘zero leakage’, as well as high-pressure axial check valves.
 
The FPSO MV30 Carioca will be capable of processing 180,000 barrels of crude oil per day, 212 million standard cubic feet of gas per day, 240,000 barrels of water injection per day and has a storage capacity of 1,400,000 barrels of crude oil (1).
 
Emanuele Rivolta, VP Sales, Upstream & Midstream at Velan stated: "Velan is one of the major suppliers of specialty valves to the offshore industry and these contracts prove once again our leadership in this market. This is due to an unfailing commitment towards our customers’ needs and a strong, continuous drive towards innovation and a constant improvement of services.” Velan valves have now been selected and installed in over 30 offshore platforms and production vessels, numbering well over 10,000 units.
 
Velan’s President and CEO, Yves Leduc, stated: "This achievement reflects the success and drive of Velan ABV, our division specialized in API 6A and 6D valves, in the FPSO market and similar applications. This particular order offers Velan the chance to work yet again with MODEC, a world-class customer with whom we’ve built a strong relationship that is based on trust and support.”
 
 
About Velan: Founded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world’s leading manufacturers of industrial valves, with sales of US$338 million in its last reported fiscal year. The Company employs over 1,800 people and has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.
 
This press release may contain information and statements of a forward-looking nature concerning the future performance of Velan Inc. and its subsidiaries. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. As a result, readers are advised that actual results may differ from expected results.
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