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"We see this acquisition as a unique growth opportunity for Alcoa. Lightweight and strength are attracting customers to aluminum risers. We are moving ahead in the value chain, leveraging our aluminum alloy and structural technology to provide innovative solutions to the oil and gas industry," said Mary Zappone, President, Alcoa Oil & Gas.
Aluminum risers offer several advantages for deepwater drilling.
-- Offshore drilling contractors using either retrofits or new build vessels can explore in deeper depths of 20% or more versus conventional steel risers. Specifically, aluminum enables a lower cost, shallow water ship to drill at a greater depth. Technology improvements reduce the time and cost of modifying ships, providing operators with a cost-effective fleet of deepwater vessels.
-- Welded aluminum risers weigh nearly 40% less than steel risers and require up to 40% less buoyancy material for similar depths.
-- Due to the weight savings, aluminum risers are easier and less expensive to transport, store and deploy.
"It's all about helping our customers address the escalating costs of exploration and development. The industry is moving toward extended range and deep water drilling projects because most easily accessible oil and gas reservoirs have been exploited. This trend will require new and innovative solutions to make these challenging reserves more economical to access," Zappone added.
In addition to the welded aluminum risers, Alcoa is also developing aluminum solutions capable of reducing the weight of a conventional drill ship, platform or other structure, allowing the industry to reach reserves previously thought economically unviable.
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(R) 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
SOURCE: Alcoa
Alcoa Inc. Editorial Contact: Kevin G. Lowery, 412-553-1424 724-422-7844 or Investor Relations: Matt Garth, 212-836-2674
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