(AOF) – Vallourec announces the appointment of Enrico Schiappacasse as SVP Strategy and Development for the group. He takes office on June 1, 2022 and joins the Executive Committee. Enrico Schiappacasse was previously Vice-President of the Oil and Gas Business Unit of Prysmian Group, world leader in cables and systems for energy and telecommunications.
From 2009 to 2022, Enrico Schiappacasse held various positions within the Prysmian Group: first Strategy and M&A Director for eight years, he then became VP Marketing, Product and Business Development, Energy, before taking the reins of the Oil and Gas Business Unit as Vice-President.
Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer of Vallourec, said: “I am delighted to welcome Enrico to the Group and to the Executive Committee. With more than 25 years’ experience in the energy sectors and consulting, Enrico will take charge of leading and executing the future strategic directions of the Group.”
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Key points
– Co-world leader, with Tenaris, in the seamless steel tubes market (12% market share) and world leader in premium tubular solutions;
– Turnover of €3.4 billion, with a strong position in the oil-gas sector (54%), ahead of industry, which is growing strongly (36%), petrochemicals (6%) and electrical energy ;
– New economic model in 3 pillars: reduction of production capacities in Europe, strengthening of the presence in the 2 Americas, the Middle East and South-East Asia, transformation plan towards better competitiveness;
– Non-operable capital due to the presence of the BPI (2%), the Apollo funds being the 1st shareholders with 20% of the shares and Edouard Guinotte, managing director, chairing the board of 9 directors;
– Balance sheet cleaned up by the capital increase of June 2021 with equity of €1.8 billion and cash of €1.1 billion against €958 million in net debt but negative self-financing of €284 million.
Challenges
– “Acceleration” strategy for profitable growth through industrial excellence and more efficient support functions with a target of gross savings of €200 million over 2021-22;
– Innovation strategy supported by 6 R&D centers aiming to:
– capitalize on the technological advantage (VAM® connections) and the digital solutions distributed to customers via the Smartengo Vallourec.smart platform,
– meet the challenges of lightness in industry, efficiency of power plants in electrical energy and complexity of transport and storage in oil and gas
– support employees’ proposals via the Open Innovatin challenges and the Booster;
– Environmental strategy in the A list of the CDP and validated by the SBTi in 2 parts:
– offer of energy transition solutions for geothermal energy, offshore wind power, carbon capture & storage and hydrogen with the objective of “a significant increase in turnover over 2020-30”,;
– reduced impact: 40% renewable energy, 96% recycled waste, 43% recycled steel;
– Productive quality of the 3 major industrial sites: Youngstone in the United States, hence a competitive advantage for the group favored by the increase in customs duties on steel, VSB in Brazil, and Tianda in China;
– Success of Vallourec Umbilicals in charge of tubes for offshore umbilicals;
– Deployment of competitive Brazilian and Chinese routes with an expected tube production of 500kt in 2024 against 300kt in 2019.
The eldorado of the seabed
One of the ten objectives of the France 2030 plan presented by the French government includes the exploration of the deep seabed. France is the world’s second maritime power and one of the twenty-two countries benefiting from an international seabed exploration contract. A limited number of players, including China, produce mineral resources. By exploiting the seabed, States seek to benefit from strategic reserves. However, there are limits to this exploration. First of all, the operations are complicated and costly, which raises the question of their profitability. Then, it is impossible to exploit these riches without damaging deep-sea ecosystems.