Alcoa Continues Penetration in Oil and Gas Market; Alcoa and Cameron Announce Joint Collaboration on Oil and Gas Projects
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Aim is to Commercialize Aluminum Drilling Riser System
NEW YORK -- Alcoa (NYSE:AA) announced today that it has signed a development agreement with Cameron to commercialize aluminum drilling riser systems for offshore oil and gas exploration and development. Houston-based Cameron markets and develops various products for the oil and gas market and is a market leader in the offshore drilling risers business. Alcoa is an expert in aluminum technology and the design and manufacture of aluminum products. The two companies will combine their expertise and collaborate on research and development projects to broaden the market for aluminum drilling riser systems.
The lightweight aluminum riser system will extend the capability of existing drilling vessels allowing exploration in deeper depths of 20% or more versus conventional steel risers. Welded aluminum risers weigh nearly 40% less than steel risers and require up to 40% less buoyancy material for similar depths. This weight savings equates into cost savings, because aluminum risers are easier and less expensive to transport, store and deploy.
"The aluminum drilling riser system is an innovation that could significantly change deep water oil and gas drilling," said Mary Zappone, President, Alcoa Oil & Gas. "This partnership with Cameron, one of the most accomplished leaders in drilling and production systems, validates the lightweight aluminum riser system as a viable product."
"With the aluminum riser system, we will be providing the lightest drilling equipment in the industry," said Harold Conway, President Cameron Drilling Systems.
Last week, Alcoa announced that it agreed to purchase Noble Corporation's intellectual property pertaining to welded aluminum risers, opening the door for Alcoa to form this cooperative partnership with Cameron to develop lightweight welded aluminum risers for deepwater applications.
To learn more about Alcoa Oil & Gas visit www.alcoaoilandgas.com.
About Alcoa
Alcoa is the world leader in the production and management of primary aluminum, fabricated aluminum and alumina combined, through its active and growing participation in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components including flat-rolled products, hard alloy extrusions, and forgings, Alcoa also markets Alcoa® wheels, fastening systems, precision and investment castings, and building systems. The Company has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland and has been a member of the Dow Jones Sustainability Index for seven consecutive years. More information can be found at www.alcoa.com.
