PARIS, January 25, 2026, 10:36 CET
- Vallourec announced that Delphy was selected as one of five winners of Hyvolution 2026’s Innovation Award
- The firm is set to showcase its underground hydrogen storage system at the Paris event from Jan. 27-29
- Vallourec is pushing growth in “new energies” but continues to rely heavily on demand for oil-and-gas tubes
French steel tubes manufacturer Vallourec announced it will present its Delphy underground hydrogen storage system at Hyvolution 2026 in Paris. The product earned a spot as one of five winners of the event’s Innovation Award.
The clock is ticking. Hyvolution kicks off on Jan. 27, giving Vallourec a chance to showcase to industrial buyers and policymakers as Europe pushes to transform hydrogen plans into operational projects.
Storage remains a major challenge. Hydrogen’s lightness and tendency to leak make it expensive to manage, while many projects continue to wrestle with building the infrastructure needed to connect production to reliable end-use demand.
Vallourec called Delphy “market-ready,” highlighting its design to store up to 100 tonnes of hydrogen vertically underground while occupying minimal surface space. The company added that the turnkey system holds certifications from Bureau Veritas and DNV. It has also inked partnerships related to green hydrogen and underground storage, teaming up with H2V, NextChem Tech, and Geostock.
Vallourec announced it will welcome visitors at booth J50 during the event. The company will also lead several technical sessions, including a Delphy keynote by director Vincent Designolle. A panel on large-scale hydrogen storage is on the agenda too, featuring Storengy’s Alain Caracatzanis and Gasunie adviser Noé van Hulst.
Vallourec is recognized primarily for its premium seamless pipes, a staple in challenging energy projects. Its main market lies in oil and gas, a sector where both volume and pricing fluctuate alongside drilling budgets.
Earlier this month, Vallourec announced it secured a “significant” contract with Shell for the Orca offshore project in Brazil, previously called Gato do Mato. The deal involves supplying OCTG — oil country tubular goods, which are pipes used in drilling and well completion — with drilling slated to begin in April 2027. Vallourec expects to supply pipes for 10 wells, totaling between 12,000 and 15,000 tonnes. CEO Philippe Guillemot said the contract “demonstrates Vallourec’s ability to support its customers across the entire value chain.”
The Shell project also depends on Vallourec’s top-tier products, like its VAM premium connections—the threaded joints designed to hold pipes together in tough well environments. Competitors like Tenaris and TMK are active players in the global market for premium tubular goods and services.
Vallourec has stepped up efforts to return cash to shareholders. In early January, it kicked off a 200 million euro share buyback program, targeting a total shareholder return of at least 500 million euros by 2026, boosted by proceeds from warrant exercises. Guillemot noted that the combination of buybacks and a planned extraordinary interim dividend “reflects our view of the value potential of Vallourec’s stock.”
Vallourec’s recent balance-sheet repair has freed up space to focus on capital returns. The company reported a 12.3% jump in third-quarter EBITDA to 210 million euros in November, hitting its guidance range.
But the hydrogen angle carries risks: projects risk delays, permits can stall, and buyers typically hold out for subsidies and offtake deals before signing on. Vallourec didn’t disclose Delphy’s sales in its Hyvolution announcement, and for now, the group’s cash flow still hinges on the oil-and-gas market.
For the moment, the immediate challenge is basic visibility. Vallourec plans to showcase Delphy at Hyvolution in Paris from Jan. 27-29. Meanwhile, its Shell-linked Orca drilling project remains further down the road, with work slated to begin in 2027.
