MONTREAL, Oct. 09, 2020 (GLOBE NEWSWIRE) — Velan Inc.’s wholly owned subsidiary Velan ABV, located in Lucca, Italy, has been recently awarded important contracts for the supply of multiple packages of actuated and manual valves to MODEC Offshore Production Systems (Singapore) Pte. Ltd. These orders are added to those already acquired in the last 12 months for sales in excess of US$30 million and represent the continuation of Velan’s commitment and successes in FPSOs, one of the leading and most demanding O&G markets. The scope of supply consists of high and ultra-high pressure forged valves whose compact design and special construction have significantly contributed to the improvement of the Customer’s process efficiency and will also improve and facilitate the daily operation of the Customer’s facilities. Deliveries are scheduled for end of 2020 to early/mid-2021 (Q1 to Q2 FY22).These results have been made possible thanks to Velan’s unrivalled know-how of industry processes and its capability to cooperate closely with customers, offering state-of-the-art customized solutions.Emanuele Rivolta, VP Sales, Upstream & Midstream at Velan stated: “Velan ABV has once more proven its leadership in the high-end valve market, by providing innovative, customized, high efficiency solutions to challenging operational problems.”Paolo Ranieri, Managing Director and CEO of Velan ABV stated: “In this challenging market we continue to work closely with our customers to help them in identifying those valve solutions which meet their engineering needs while reducing the total cost of ownership. We firmly believe that our solid experience and innovative, cost-effective valve solutions are a key reason why our customers choose Velan”.Velan’s CEO, Yves Leduc, stated: “Velan’s success in growing our bookings this year in the context of the global economic crisis is the direct result of targeted market strategies that identify distinct niches or applications where our superior products’ and technologies’ capabilities stand out and then focus on meeting our end-users’ tough requirements. Our success in the FPSO market is a perfect example of this strategy. Velan ABV is a first-class player in the supply of high-tech products in this distinct market segment, and we are proud to meet our customer MODEC’s stringent demands for such products.”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$371.6 million in its last reported fiscal year. The Company employs over 1,775 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.For further information please contact:
Yves Leduc, President & Chief Executive Officer
or
Réjean Ostiguy, Chief Financial Officer
Tel: (514) 748-7743
Fax: (514) 908-0180
www.velan.com
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