VALLOUREC ANNOUNCES THE SUCCESS OF ITS RIGHTS ISSUE FOR C. €300 MILLION WITH SHAREHOLDERS’ PREFERENTIAL SUBSCRIPTION RIGHTS

VALLOUREC ANNOUNCES THE SUCCESS OF ITS RIGHTS ISSUE FOR C. €300 MILLION WITH SHAREHOLDERS’ PREFERENTIAL SUBSCRIPTION RIGHTS

Boulogne-Billancourt (France), 24 June 2021 – Vallourec S.A. (Euronext Paris: VK) (“Vallourec” or the “Company”) announces today the success of its share capital increase with shareholders’ subscription rights (the “Rights Issue”), resulting from the issuance of 52,954,807 new ordinary shares (the “New Shares”) at a subscription price of 5.66 euros per share, representing a gross amount of 299,724,207.62 euros (issue premium included). This transaction part of the Company’s financial restructuring whose safeguard plan was approved by the commercial court of Nanterre on 19 May 2021 (the “Safeguard Plan”).

The proceeds of the Rights Issue will be used to for the partial repayment the claims related to the various RCF and bonds of the Company’s creditors (the “Converting Creditors”), excluding BNP Paribas, CIC and Natixis (the “Commercial Banks”).

Following the subscription period, which ended on 21 June 2021, total demand for New Shares on a non-reducible and reducible bases, amounts to 64,995,718 shares, corresponding to a subscription rate of 122.74%.

• 48,320,557 New Shares were subscribed on an irreducible basis (à titre irréductible), representing approximately 91.25% of the New Shares to be issued. In accordance with their subscription commitments, Nippon Steel Corporation and Bpifrance Participations respectively subscribed, on an irreducible basis, for 6,183,736 New Shares (i.e. approximately €35 million) and for 3,533,537 New Shares (i.e. approximately €20 million);
• orders submitted on a reducible basis (à titre réductible) represented 16,675,161 New Shares and will therefore only be partially allocated for a number of 4,634,250 new shares, according to a ratio equal to 1.11567826 calculated on the number of rights exercised on a non-reducible basis (à titre irréductible), provided that there is no allocation of a fraction of a New Share and that no allocation may exceed the number of New Shares subscribed for on a reducible basis (à titre réductible).

Commenting on these results, Edouard Guinotte, Chairman of the Vallourec's Management Board, declared “We are delighted by the success of this capital increase and would like to thank our shareholders who have shown their support and their confidence in the Group’s perspectives. Following the planned implementation of all the parts of its financial restructuring on 30 June, Vallourec will be fully equipped to develop its strategic plan and capitalize on the recovery of its markets.”