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Vallourec wins 3,000-tonne tube contract for Prinos CO2 project

Vallourec expands its positioning in carbon capture and storage with an order for the Prinos CO2 project, located offshore Greece. The contract covers the supply of approximately 3,000 tonnes of casing tubes and accessories for the project's first phase.


Vallourec wins 3,000-tonne tube contract for Prinos CO2 project

A tube order for EnEarth, subsidiary of Energean

Vallourec announced on 18 September 2026 that it had been selected by EnEarth, a subsidiary of Energean, to supply tubular solutions for the first phase of the Prinos CO2 storage project in Greece. The contract covers approximately 3,000 tonnes of casing tubes and accessories.

Located offshore Greece, the Prinos CO2 project aims to convert a depleted oil reservoir into a permanent CO2 storage site. The targeted injection capacity can reach 2.8 million tonnes per year, with a total storage capacity (proven plus probable) of 51.5 million tonnes, according to the independent competent person report established by NSAI (Netherland, Sewell & Associates, Inc).

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The Prinos CO2 project is recognized by the European Union as a Project of Common Interest and supported by European and Greek financing programmes. It is intended to contribute to decarbonizing industrial activities in Greece and throughout the broader Eastern Mediterranean region.

Under the contract, Vallourec will deliver a range of tubular solutions comprising seamless carbon steel and corrosion-resistant alloy (CRA) casing tubes, equipped with VAM connections. The scope also includes Cleanwell, Vallourec's grease-free solution.

A milestone for carbon capture and storage activities

Vallourec presents this award as a milestone for its carbon capture and storage (CCS) activities. According to Philippe Guillemot, Chairman and Chief Executive Officer, this selection illustrates the Group's commitment to supporting its customers in energy transition projects.

Nikolas Rigas, Head of Carbon Storage at EnEarth, indicated that the Prinos CO2 project is one of the first large-scale carbon capture and storage developments in Europe and the first of its kind in the Eastern Mediterranean.



Sector Métaux et mines Acier / sidérurgie


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Context

Period
  • Period: S1 2026
Key reported figures
  • Revenue: 1 860 millions de dollars
  • Quarterly revenue: 1 860 millions de dollars
  • Revenue growth: -8 %
  • EBITDA: 409,4 millions de dollars
  • EBITDA margin: 22 %
  • Net income: 131,5 millions de dollars
  • Free cash flow: 303 millions de dollars
  • -183,1 millions de dollars
Risks mentioned
  • Baisse de 15 % des volumes vendus de Tubes au premier semestre 2026
  • RBE Mines & Forêts en recul à 71 M$ contre 107 M$, effets de change défavorables du réal
  • Fermeture du détroit d'Ormuz affectant les délais de livraison à l'international
Opportunities identified
  • RBE du segment Tubes en hausse à 372 M$ grâce aux prix et au mix produit
  • Position de liquidité très solide de 2,0 milliards de dollars au 30 juin 2026
  • Produit d'environ 307 M€ encaissé le 8 juillet 2026 après exercice des bons de souscription
Outlook / guidance
  • Expected EBITDA: 190 millions de dollars

The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.

Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.

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