SPOTLIGHT ON ...

International Standard Valve

International Standard Valve ( ISV ) has been busy adding new products and processes that satisfy client needs , strengthen its expertise , and perfect its already stringent quality measures . The quantitative changes are apparent , but what remains consistent is ISV ’ s drive to always be better .

Valve World Americas had the pleasure of speaking with Michael O ’ Quinn , President & CEO , and Pam Olson , Marketing Director , of ISV , to learn about the expansion of the company ’ s product line , its new cryogenic testing lab , and quality control as the foundation of ISV ’ s philosophy .

Find this month ’ s Spotlight on Pages 2-3 .

Issue 1 – February 2025

www . yvivalve . com

BRAZIL : Petrobras has initiated a new procurement process for the construction of up to two FPSO oil production units for the Sergipe Deep Waters Project ( SEAP ), in the Sergipe-Alagoas Basin . The procurement model will be Build- Operate-Transfer ( BOT ), where the contractor is responsible for the design , construction , assembly , and operation of the asset for an initial period defined by contract . Subsequently , the operation will be transferred to Petrobras . The process includes the bidding for one firm unit for SEAP 2 and an option to acquire a second similar FPSO , with a planned application for SEAP 1 . The firm unit ( SEAP 2 ) is expected to begin operations in 2030 . The units will have the capacity to process 120,000 barrels of oil per day ( bpd ) and up to 12 million cubic meters of gas per day , with the gas specified and exported directly for sale without the need for additional onshore treatment .

CANADA : Canadian Natural Resources Limited announced the completion of the acquisition of Chevron Canada Limited ’ s Alberta assets , which include a 20 % interest in the Athabasca Oil Sands Project and a 70 % operated interest in light crude oil and liquids rich Duvernay assets . Canadian Natural now owns 90 % of AOSP , which includes the Muskeg River and Jackpine mines , the Scotford Upgrader and the Quest Carbon Capture and Storage facility . The acquisition also includes various working interests in a number of other non-producing oil sands leases . The Company targets production from these acquired assets to be approximately 122,500 BOE / d ( 1 ), consisting of 62,500 bbl / d of long life no decline Synthetic Crude Oil at AOSP and approximately 60,000 BOE / d from the Duvernay , comprising 179 MMcf / d of natural gas and 30,000 bbl / d of liquids .

IMI has unveiled plans for a new USD $ 38million manufacturing facility in Lake Forest , California , USA .

The new site , which will predominantly support its IMI CCI brand of actuator and control valves , will offer an improved space for employee collaboration , wellbeing and productivity . Investment will also be made to reduce the new facility ’ s environmental impact .

Construction will be self-funded through the sale of IMI ’ s current facility in Rancho Santa Margarita , California , with the company aiming to complete the move by the beginning of 2026 .

Employee engagement is a key focus for the new site . It will feature more collaborative and flexible work areas with better lighting and climate control , as well as outdoor space and recreation areas .

The move will also streamline manufacturing operations , providing faster technical responses and shorter lead times for IMI ’ s customers in both nuclear and conventional power industries .

Kevin McKown , Process Automation President for the Americas , at IMI said : “ Our move to

Lake Forest represents an important step for IMI . This new site will allow us to better serve customers with investment into our highly skilled staff and the latest manufacturing capabilities . It will modernize our processes and provide a critical space for us to develop breakthrough engineering in two of our key markets .”

Further investments will include a state-of-the-art solar power system and additional technology to increase productivity , improve energy consumption and reduce hazardous waste streams .

“ We recognize the importance of practising what we preach ,” added Kevin . “ As we invest in our colleagues , we ’ re also investing in IMI ’ s ability to operate more sustainably and efficiently over the coming years .

“ The solar power system along with other modernization efforts is testament to our commitment to future-proofing the business . By establishing a new centre of excellence in Southern California , we will be able to grow even as the demands of our customers change .”

MRC Global Inc . has announced that its Board of Directors authorized a new USD $ 125Million share repurchase program , which expires on January 2 , 2028 . Under the repurchase program , the Company may purchase its outstanding common shares through various means , including open market transactions , block purchases , privately negotiated transactions , or otherwise in accordance with applicable federal securities laws ,

including Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934 , as amended . The program may be modified , discontinued , or suspended at any time without prior notice .

During the address Rob Saltiel , MRC Global President & CEO commented , “ Today ’ s announcement reflects our confidence in the company ’ s future and the financial flexibility that we enjoy through the strengthening of our balance sheet over

the past few years . Our threepronged capital allocation strategy consists of targeting a net debt leverage ratio of less than 1.5x , returning cash to shareholders , and investing in our company ’ s future growth . Our streamlined capital structure , efficient operating model , and anticipated ability to deliver consistent cash flow generation make this the right time to introduce a share repurchase program . We anticipate beginning

the execution of the repurchase program in the second quarter .”

The actual timing , manner , number , and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors , including the market price of MRC Global common stock , general market , and economic conditions , applicable requirements and other business considerations .

CONTENT

Valve World Americas | February 2025 • www . valve-world-americas . net