VALLOUREC : VALLOUREC : Ordinary and Extraordinary Annual General Meeting of 30 May 2013

 VALLOUREC : VALLOUREC : Ordinary and Extraordinary Annual General Meeting of
                                 30 May 2013

                          Ordinary and Extraordinary
                    Annual General Meeting of 30 May 2013

Terms and conditions applying to payment of the dividend in shares or in cash

Boulogne-Billancourt, 31 May 2013

At the Vallourec Ordinary and Extraordinary  Annual General Meeting of 30  May 
2013, shareholders approved the accounts for  the year ended 31 December  2012 
and voted in favour of a net dividend distribution of €0.69 per share.

This Meeting  approved the  option for  shareholders to  receive the  dividend 
either in cash or in newly issued shares of the Company.

If the option to receive  the dividend in new  shares is exercised, the  issue 
price, fixed at 90% of the average opening price of Vallourec ordinary  shares 
listed on Euronext Paris during the twenty trading days preceding the date  of 
the General  Meeting, less  the net  amount of  the dividend  per share,  i.e. 
€0.69, rounded up to the nearest Euro cent is set at € 36.69.

Shareholders on the register before the ex-dividend date may elect to  receive 
the dividend in cash or in shares from (and including) Thursday, 6 June to and
including Tuesday, 18  June 2013 by  submitting a request  to the  appropriate 
paying institutions. Shareholders who have not chosen their method of  payment 
by Tuesday, 18 June 2013 at the latest will receive the dividend in cash.

If the amount  of the dividends  for which  the option is  exercised does  not 
correspond to  a whole  number of  shares, shareholders  may obtain  the  next 
higher whole number of  shares by paying  the difference in  cash on the  date 
that they  exercise the  option, or  receive the  next lower  whole number  of 
shares plus the balance in cash.

Application will be made to list the new shares on Euronext Paris. The  shares 
will be subject to all provisions of the Articles of Association of  Vallourec 
and will be  entitled to dividends  as from 1  January 2013. Consequently,  as 
from the date on which they are issued, they will be identical in all respects
to the other  outstanding ordinary shares  that make up  the share capital  of 
Vallourec. The record date will be Wednesday, 5 June 2013 and the shares  will 
be traded ex-dividend starting Thursday, 6 June 2013.

Cash dividend payments and, for those shareholders opting for the dividend  in 
shares, the settlement-delivery of new shares will take place as from Tuesday,
25 June 2013.

The option to receive the  dividend in shares described  above is not open  to 
shareholders who reside outside  the European Union and  the United States  in 
countries where such  option would  require registration  or authorisation  by 
local market authorities. Shareholders residing outside the European Union and
the United States should  inform themselves about  any local restrictions  and 
ensure compliance. Shareholders  are responsible for  informing themselves  of 
the conditions and  consequences relating to  such option and  that may  apply 
under local  law.  When deciding  whether  or  not to  exercise  the  dividend 
reinvestment option, shareholders should consider the risks associated with an
investment in shares.

About Vallourec

Vallourec is a world leader in premium tubular solutions primarily serving the
energy markets, as well as other industrial applications.

With over 23,000 employees, integrated manufacturing facilities, advanced R&D
and a presence in more than 20 countries, Vallourec offers its customers
innovative global solutions to meet the energy challenges of the 21st century.

Listed on the NYSE Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and
eligible for the Deferred Settlement System (SRD), Vallourec is included in
the following indices: MSCI World Index, Euronext 100 and CAC 40.

In the United States, Vallourec has established a sponsored Level 1 American
Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY).
Parity between ADR and a Vallourec ordinary share has been set at 5:1.

For further information, please contact
Press relations                Investor relations

Caroline Philips                Etienne Bertrand

Tel: +33 (0)1 41 03 77 50       Tel: +33 (0)1 49 09 35 58

Press release_Payment of dividend


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Source: VALLOUREC via Thomson Reuters ONE
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