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Tenaris and PCC Energy Group Sign Milestone Contract With Saudi Aramco

DUBAI, United Arab Emirates and PORTLAND, Ore., Sept. 19, 2011 (GLOBE NEWSWIRE) -- Tenaris and PCC Energy Group, a business of Precision Castparts Corp. (NYSE:PCP), have been awarded a milestone contract to supply 9-5/8" Range-3 Corrosion Resistant Alloy (CRA) tubing for Saudi Aramco's Arabiyah & Hasbah offshore gas development project.

Together, the companies will supply 57,400 feet of 9-5/8" OD CRA casing used as tubing (Alloy 28 and G3), which will ship out over the course of several months. The plain end pipes will be manufactured by Precision Castparts' Energy Group at its forging plant in Houston, Texas. Subsequently, the material will be threaded with TenarisHydril BlueTM and Wedge 513TM premium connections at Tenaris's state-of-the-art threading facility in the Kingdom of Saudi Arabia.

This significant order results from a recently signed worldwide cooperation agreement between Tenaris and PCC Energy Group to combine their well-established strengths and global reach for the supply of large-diameter CRA pipes for the most demanding OCTG applications in the industry.

PCC Energy Group and Tenaris, together with their partners and affiliates, can provide a complete range of CRA OCTG premium-threaded products and supply complex tubular solutions for customers anywhere in the world.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines and industrial gas turbines. The Company is also a leading producer of highly engineered, critical fasteners for aerospace and other general industrial markets, and supplies metal alloys and other materials to the casting and forging industries.

The Precision Castparts Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8204

Tenaris is a leading global manufacturer and supplier of steel pipe products and related services for the world's energy industry and for other industrial applications.

Information included within this release describing projected growth and future results and events constitutes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results in future periods may differ materially from the forward-looking statements because of a number of risks and uncertainties, including but not limited to fluctuations in the aerospace, power generation, and general industrial cycles; the relative success of the Company's entry into new markets; competitive pricing; the financial viability of the Company's significant customers; the impact on the Company of customer labor disputes; demand, timing, and market acceptance of new commercial and military programs, including the Boeing 787; the availability and cost of energy, materials, supplies, and insurance; the cost of pension benefits and post-retirement medical benefits; equipment failures; relations with the Company's employees; the Company's ability to manage its operating costs and to integrate acquired businesses in an effective manner; governmental regulations and environmental matters; risks associated with international operations and world economies; the relative stability of certain foreign currencies; the impact of adverse weather or natural disasters; the availability and cost of financing; and implementation of new technologies and process improvement. Any forward-looking statements should be considered in light of these factors. The Company undertakes no obligation to publicly release any forward-looking information to reflect anticipated or unanticipated events or circumstances after the date of this document.

 

CONTACT: Stefania Argento           
Tenaris Media Relations           
sargento@tenaris.com          
mediarelations@tenaris.com           
(39) 02 43847426 ph           
(39) 335 5476223 mobile 
                      
Dwight Weber          
Director of Communications           
Precision Castparts Corp.           
503.946.4855 ph

 

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