Offshore staff

VICENZA, Italy -- Socotherm Americas subsidiary Socotherm has been awarded a project for the thermal insulation and concrete weight coating of pipes to be laid in the Magellan Strait.

The project consists of replacing a pipeline currently transporting a mixture of gas, oil, and water on the oriental mouth of Magellan Strait, which separates Chile from the island of Tierra del Fuego.

The contract, valued at more than $5 million, covers polyurethane foam thermal
insulation and concrete weight coating of 24 km (15-mi) of 8-in. diameter pipes to be laid under the Magellan Strait. Climatic conditions make this region one of the most difficult environments of the world in which to work, the company says.

Socotherm Americas will carry out its portion of the project in its Escobar facility by 3Q 2007. Tenaris Siderca Pipe Mill will supply the seamless steel pipe for the project. Sipetrol and YPF will finance the project of the Enap/Sipetrol Argentina consortium.

"This contract represents a further confirmation of our leader position in the Latin-American Area and that the Strategic Alliance signed with Tenaris was a winning choice. It is also a confirmation that Socotherm is ready to supply coating solutions for the harshest conditions," says Zeno Soave, chairman and CEO of the Socotherm Group.

2/26/2007