Today on World Day for Safety & Health at Work, we’re taking a moment to reinforce what matters most to us: the health, safety and wellbeing of our people.
Health & Safety is not just a policy or a checklist, it’s a shared responsibility and a core part of how we work every day. We want every employee to understand why it matters and what we can all do to keep ourselves and each other safe.
Across our manufacturing and service sites, we are proud to have dedicated HSE Leads who work tirelessly to embed strong safety culture, raise standards, and drive continuous improvement. Over the past few years, we’ve been on a comprehensive journey to audit all our sites, working closely with independent third‑party experts Safety Management Limited, who have supported us in benchmarking our performance against health and safety best practice.
This journey has been both challenging and rewarding, and the results speak for themselves. We’re delighted to have seen year‑on‑year improvements in audit scores across every site, a testament to the commitment, collaboration and accountability shown by our teams at all levels of the business.
But strong safety performance isn’t achieved through audits alone. It’s built every day through leadership, engagement, and a genuine care for one another.
To mark today, we asked four of our HSE Leads a simple but powerful question:
What drives you to ensure our safety standards are always improving?
We have a moral and legal obligation to protect our employees and provide them with the best possible safe working conditions. Over the past 3 years our positive approach to health & safety and engagement with our employees has seen step changes in our policies, procedures, control mechanisms, working practices and culture. Our continuous improvement philosophy ensures that we are always looking for new and improved ways to reach our goal of being best in class – Chris King – B.Eng (Hons) 🔵🟢/🟡🔴, UK QHSE Lead, Gloucester UK
Safety culture grows stronger when systematic processes and employee engagement align. At Severn Glocon, initiatives like the A3 approach, Kaizens (OPD-One percent daily improvement), MDI (Managing Daily Improvement), new SOP development, training, relay teaching, motivational programs, daily Gemba walks, and monthly audits have boosted performance. A safety suggestions system further involves all employees, reducing injuries and improving workplace safety. With patience and consistent education, safety becomes a way of life, keeping everyone aware and committed to continuous improvement. – Gnanaraj Perumal, Senior Manager, Chennai India
Early in my career, the first safety manager I met told me, “You’re not here to save the world, you are here to earn a living to provide for your family”. My job is to make sure you go home to them every day. Many of us spend more time with our co-workers than we do with our own family. Safety isn’t just about following the rules, it’s about watching over the person next to you like they are family, ensuring that every employee goes home in the same condition they arrived in. – Claude Deasy, HSE Manager, Houston USA
Our organisation views continually improving safety & health standards as critical to business performance and quality. As we strive toward achieving ISO 45001, we work closely with colleagues at all levels to obtain their input and expertise. This has enabled us to make significant changes and upgrades to our processes and procedures ensuring our site is an environment where colleagues can have confidence their health and safety is a priority. We realise that training and upskilling our employees in safe working practices is vital to achieving a better future. – Mustafa Emad Elroubi Bsc (hons),HSE Manager, Stroud UK
Their answers highlight what truly makes the difference, from protecting colleagues, to creating workplaces where everyone feels confident to speak up, challenge unsafe behaviours, and go home safely at the end of every shift.
As we recognise World Day for Safety & Health at Work, we recommit to:
Putting people first
Learning continuously
Working together to prevent harm
Building safer, healthier workplaces for everyone
Because when it comes to safety, there is nothing more important.
Severn Glocon Valves Private Limited is now officially 9COM approved control valve manufacturer for manufacturing Severn Glocon severe service control valves and general service control valves locally in Saudi Arabia through our trusted Saudi manufacturing partner, Saudi Mechanical Industries Co. (SMI).
This 9COM approval in Saudi Arabia represents a significant advancement in Severn’s ability to deliver locally manufactured control valve solutions for the Saudi oil & gas, energy, and industrial sectors, ensuring faster project execution, reduced lead times, and local compliance.
This achievement reinforces our commitment to IKTVA localisation objectives, Saudi Vision 2030, and to delivering world‑class severe service control valve solutions — manufactured in‑Kingdom, engineered to global standards, and delivered faster and closer to customers in Saudi Arabia.
With local control valve manufacturing in KSA, Severn Glocon strengthens its position as a trusted severe service control valve supplier, supporting critical process applications, high‑pressure and high‑temperature services, and mission‑critical flow control systems across the Kingdom.
Following Global Expansion Severn Group Confirms it has been entered into agreement to be acquired by Valmet Corporation as Part of an Exciting New Chapter in the Firm’s History
– The $480-million deal marks a new chapter in the story of Severn Group.
– Under Bluewater stewardship Severn Group has transformed from an energy focused manufacturer to a diversified industrial business operating across 12+ sectors worldwide
– The acquisition by Valmet, a Finland-listed global industrial leader, underscores the complementary nature of the two businesses.
– “We are delighted to join Valmet and begin a new chapter for Severn Group. Bluewater’s support has been instrumental in shaping the business we are today, and we now look forward to the future with confidence and momentum,” said Perttu Louhiluoto, CEO of Severn Group.
– The acquisition is expected to be completed during Q2 2026
London, 22 December 2025: Severn Group, one of Britain’s longest-established valve manufacturers, today announced that it has been acquired for $480 million dollars by Valmet, a Finland-listed global industrial leader. Contour Holdings International Limited, known as “Severn Group,” is the holding corporation for Severn Glocon, ValvTechnologies and LB Bentley. This transition follows a successful global expansion strategy led by its largest investor, Bluewater, and marks an exciting new phase in the company’s growth journey.
The global expansion of manufacturing locations in India and USA, positions Severn as a complementary fit within Valmet’s existing footprint.
Perttu Louhiluoto CEO of Severn Group, said, “We are proud to welcome Valmet as our new owners and look forward to building on the strong foundation laid over recent years. Thanks to Bluewater’s visionary leadership, Severn Group has grown from a British manufacturer in the energy space into a global industrial business with a truly international footprint. As we look ahead, the scale and breadth of the global opportunities in front of us are greater than ever and ones we cannot fully unlock alone. Joining Valmet positions us to accelerate our growth, expand into new markets, and deliver even greater value to customers worldwide. We are excited about this next phase of Severn’s journey.”
Thomas Hinnerskov, CEO of Valmet said, “This acquisition marks a significant step in the execution of Valmet’s Lead the Way strategy, strengthening our Process Performance Solutions segment and expanding our Flow Control business. Severn’s strong capabilities and proven track record in severe service for demanding applications make it an excellent strategic fit for Valmet. This acquisition strengthens our commitment to deliver lasting customer value over the life-cycle. We are proud to welcome Severn’s skilled and dedicated employees to Valmet,” says Thomas Hinnerskov, President and CEO of Valmet.”
Under Bluewater’s strategic guidance, Severn Group transformed from a predominantly upstream oil and gas business (73% in 2020) into a diversified global industrial company, expanding into over 12 new sectors and quadrupling earnings.
Tom Sikorski, Founding Partner at Bluewater, added, “We are pleased to hand Severn Group over to such a capable and global owner. Bluewater’s partnership has transformed Severn into a world-class business, and we thank everyone involved for their dedication. With the acquisition by Valmet, we think we have found Severn a sustainable and complementary home and the business is now well positioned to continue its successful journey and deliver long-term value on a global scale.”
With a few weeks until IEW 2025, Severn, a renowned leader in fluid control solutions, is thrilled to introduce our dynamic team of valve experts who will be representing the company at IEW 2025 in Delhi from the 11-14 February 2025.
As the world gears up for one of the most significant gatherings in the energy sector, Severn’s selection of experts promises to elevate the discourse on cutting-edge valve technology and innovation.
Join us as we unveil the names and expertise behind Severn’s delegation, offering a glimpse into the exceptional insights and knowledge they will be bringing to IEW 2025.
With over 19 Years of experience in the Oil and Gas Industry (specialising in Upstream & FPSO), Control Valves and Chokes with broad and specialised technical knowledge. Malathy brings a whole range of skills to the IEW team such as professional approach, decision-making, problem-solving, interpersonal skills, etc.
Alongside technical expertise, Malathy also has fantastic commercial acumen, winning large project orders, handling complex projects that involve new design and developments, special materials, quality, validation testing, etc., and possesses good exposure to International Standards (API, ASME, ISA, ASTM, and other relevant standards).
Malathy is currently working to expand the supply base of Severn products globally, especially in Southeast Asia, the Middle East Market, South America, Africa, etc., and is a fantastic addition to the Severn IEW 2025 team.
With 29 years of experience in the valve industry, Kannan’s knowledge expertise, and global awareness from working in multiple functions such as sales, application engineering, and project management have made him a respected figure in the Control Valve market with clients, earning him a reputation as a reliable and dynamic leader.
Kannan’s ability to anticipate market trends, build lasting relationships, and inspire his team is a testament to his unparalleled expertise and unwavering dedication to Severn, thus making him a valuable member of the IEW 2025 team.
Rajendran – Industry Manager – Application Engineering – LNG & Industrial Gas
Rajendran is a key account manager, focusing on enhancing the customer experience with key customers.
With 20 years of experience in the field of Control Valve Application Engineering and Project management, he is in charge of business growth from key account customers of the Oil & Gas and Industrial Gas segments. He established credibility in handling small to large size Project & OEM orders from other industry segments such as Refining, Fertilizers, and Water.
He is into leveraging Severn’s strength with core customers by establishing frame agreements and driving projects for process improvements, value stream mapping, and lead time reduction.
He is further assigned to diversify the business in new geographical segments by posturing collaboration and value proposition. His expertise in Oxygen service and Cryogenic Valve applications supports customers in their emerging process control and automation requirements.
A seasoned Control Valve professional with a decade of expertise in the Oil and Gas Industry (specialising in Oil & Gas – Onshore, Refinery & Petrochemicals).
Chandru excels in delivering optimised Control Valve solutions to our customers (EPC’s and OEM’s) and is recognised by our customers for 24×7 consultation on any unique challenges / services related to control valves in their projects.
Alongside technical expertise, Chandru is adept at identifying market trends, commercial aspects and customer pain points, translating these insights into customised Control Valve solutions that enhance customer satisfaction and expand Severn Products’ Global supply base.
RK – Director – India Sales
RK joined Severn in 2017 as General Manager of Sales & Marketing to develop Domestic & Indian Subcontinent business.
With over 35 years total sales experience in process industries including Projects & MRO business, now as Sales Director of India region, RK identifies and captures new business opportunities with his strategic skillset and has delivered outstanding results, catapulting Severn to new heights in the Indian market.
With a proven track record of achievements in the Indian market, RK has become instrumental in driving revenue growth and expanding market share whilst forging lasting partnerships with clients and collaborators.
Gaurav – DGM – India Sales
Gaurav comes with a rich experience of two decades in the field of Sales & Business Development of Mission Critical Flow Control Products which play an important role in improving Process Efficiency, Uptime, Asset Management of an End User Process Plant together with Product Life-Cycle Management, New Market Developments thereby contributing to Organizations growth.
With Severn he is entrusted with developing the Project Business for our Severe Service Control Valves from Indian customers for both Domestic and International Projects through support of Field Sales Team with Severn’s values of Customer First, Integrity, Accountability & Excellence at the core of all the activities conducted.
Its our pleasure to invite you for a engaging discussion on business association, collaboration, emerging trends and flow control industry as a whole for a win-win relationship.
A seasoned leader in Valve Solutions bringing over 18+ years of experience in delivering top-tier solutions to industrial clients worldwide. My Journey in this field has been shaped by a strong foundation of technical expertise, customer-focused strategies, and innovative problem-solving. Comprehensive knowledge of valve industry processes systems, spares, and replacement strategies to optimize performance and reliability. Has a proven track record of diagnosing complex operational challenges and delivering efficient, cost-effective solutions. Deep understanding of client needs, ensuring tailored solutions that align with operational goals.
Leading a team committed to excellence in providing world-class on valves aftersales solutions. Our focus is on enhancing system performance, minimizing downtime, and ensuring our clients’ operations run seamlessly.
Sanjeev – Senior Manager – MRO – India Sales
With 17+ yrs of experience in Flow control industry, Sanjeev provides the techno-commercial expertise, clients relationship management, enhancing overall customer experience with after sales support, valves solutions for various customers within Oil & Gas Industry.
Sanjeev is overseeing MRO opportunities in India region, he is a trusted & well-versed with Severn’s core Control Valves products range & solution driven approach supporting end-customers to find solutions, enhance their efficiency, reliability and productivity, especially in severe services & challenging applications in process industries.
Do you want to find out more about Severn Valves at IEW 2025?
Severn Glocon UK Valves Ltd is a world leader in the design and manufacture of severe service Control, Choke and Butterfly valves. For clients in Scotland and operating in the North Sea, Severn Aberdeen based in Portlethen, serves as the regional hub for both OEM valves sales and service support whilst also offering comprehensive third-party valve support for the energy sector, oil & gas operations, and critical industrial applications.
As an integral part of Severn Glocon UK Valves, Severn Aberdeen specialises in sales and service support for Severn’s Control, Choke and Butterfly valves. These valves are specifically designed for severe service conditions, ensuring reliability, precision performance and longevity. The engineering expertise that Severn Glocon UK and the Aberdeen facility has allows the team to tackle the most challenging environments, providing clients with performance and reliability they can trust for offshore platforms, marine environments, and high‑pressure systems.
Third-Party Support
Beyond OEM support capabilities, Severn Aberdeen extends its capabilities to third-party manufacturers. Whether you’re dealing with Control, Isolation, Pressure safety (PSV’s) or Pressure Relief Valves (PRVs), the Severn Aberdeen team provides expert sales and service. This ensures our clients has a one-stop facility for their complete valve management, from procurement to servicing, across a wide range of valve types for asset integrity, regulatory compliance, maintenance optimisation, and reliability improvement.
Engineering Expertise at Your Fingertips
Severn Aberdeen’s unique advantage comes from being part of an Original Equipment Manufacturer (OEM). This allows the team to offer unparalleled engineering support to operators and EPCs. Clients can witness their valves and actuators being stripped, tested, and reported onsite while consulting directing with Severn’s expert engineering team for immediate problem diagnosis and resolution. This hands-on approach ensures transparency and rapid decision-making, keeping projects on track for clients seeking fast turnaround, reduced downtime, and specialist valve engineering support.
Complete Testing, Overhaul, and Offshore Support
Severn Aberdeen offers a full suite of testing and overhaul services at the Aberdeen facility. In addition, there is a team of certified valve technicians and offshore containers for offshore TARs (Turnarounds) and onshore shutdowns. This ensures smooth, seamless operations with minimal downtime, reducing the impact on your product schedules and maximising efficiency for shutdown planning, maintenance campaigns, North Sea operations, and complex valve lifecycle management.
Why Choose Severn Aberdeen?
Expertise across extensive valve product types.
Unmatched engineering support.
Comprehensive service capabilities.
Local support for Scotland and North Sea region.
Partner with Aberdeen for all your valve needs – OEM or third-party – backed by world class engineering and service support trusted by major operators, EPC contractors, and energy companies worldwide.
Contact the Aberdeen team today to discuss how we can optimise your operations and help you achieve your core imperatives of safe operations and minimum downtime: sales@severnvalve.com
Severn Aberdeen: Your Go-To Partner for OEM and Third-party Valve Solutions.
Severn Glocon, a global leader in industrial valve engineering and manufacturing, is proud to announce the opening of its new Engineering Centre of Excellence. Located in Halifax, the Engineering Centre of Excellence is set to drive innovation, enhance engineering expertise, and reinforce Severn Glocon’s ongoing commitment to delivering best-in-class-solutions to customers across the energy, oil & gas and process industries.
The new Engineering Centre of Excellence will serve as a hub for advanced engineering projects, fostering collaboration across disciplines and enabling the development of cutting-edge valve technologies that meet the most stringent of industry standards and customer demands. By leveraging the latest in design, simulation, and testing capabilities, Severn Glocon is positioned to continue offering high-performance, bespoke solutions that deliver reliability, performance and efficiency in the most challenging operational environments.
Jonny Walker, UK Engineering Director, Severn Glocon, commented:
The launch of the Engineering Centre of Excellence marks a pivotal moment for Severn Glocon. This facility will be the engine that drives our next phase of innovation, combining industry-leading expertise with the latest technological advancements. Our team of highly skilled engineers will have access to the tools and resources they need to push the boundaries of what’s possible in valve design, development, and performance. It’s a significant investment in our people and processes, reinforcing our commitment to engineering excellence.
This new facility will support Severn Glocon’s commitment in developing solutions that drive operational efficiency and assist in reducing environmental impact as part of the effort to meet the evolving needs of modern industry.
John Long, Divisional President, Severn Glocon, added:
At Severn, we pride ourselves on being engineering-led and solutions-focused. The establishment of the Engineering Centre of Excellence is a testament to our dedication to maintaining that ethos. This investment enables us to deliver more innovative, robust and customised solutions for our clients. Our customers operate in demanding sectors where reliability and precision are paramount, and this facility strengthens our ability to meet – and exceed – their expectations.
The Engineering Centre of Excellence will also play a critical role in Severn Glocon’s training and development programs, offering a unique environment for upskilling future engineers and deepening expertise across the organisation. It will support the company’s talent pipeline, ensuring Severn Glocon remains a leader in valve engineering and manufacturing for years to come.
As the global demand for energy continues to evolve, Severn Glocon’s new Engineering Centre of Excellence is set to drive the next generation of valve technology and provide best-in-class engineering solutions to customers around the world.
Discover how engineering excellence, and offshore flow control innovation have driven Severn’s OCT TOV Butterfly Valve to deliver unmatched reliability in seawater service valve applications and harsh offshore environments.
Severn’s research & development team has designed a Butterfly Valve for Seawater Applications that solves the problem of galvanic corrosion in offshore systems and meets strict firesafe valve standards. Utilising over 65 years of engineering excellence in industrial valve design, the team of technical valve specialists achieved this by using Severn’s patented Oblique Cone Technology (OCT). The OCT‑SW Butterfly Valve takes this proven control and isolation valve technology to the next level by eliminating the need for graphite in the seal while maintaining full firesafe performance required for critical offshore safety systems.
What is galvanic corrosion and its costly effects?
The impact of galvanic corrosion in seawater valve systems on critical offshore assets due to marine process conditions is an enduring problem for offshore oil & gas installations, FPSOs, and sealine infrastructure. At best, it increases maintenance workload and repair activity during planned shutdowns. At worst, it can result in rapid or unexpected valve failure, leading to unplanned production downtime or emergency shutdowns.
Either way, galvanic corrosion presents a significant lifecycle cost risk that negatively impacts plant efficiency, operational reliability, and total cost of ownership. However, Severn has utilised its engineering heritage, in‑house R&D capability, and valve repair intelligence to develop a seawater butterfly valve solution that tackles galvanic corrosion head‑on.
Why does galvanic corrosion occur?
The cause of galvanic corrosion (also referred to as dissimilar metal corrosion or bimetallic corrosion) is an electrochemical reaction between two different conductive materials in close proximity within an electrolyte, such as seawater processing systems. One material – typically the least noble – is preferentially corroded.
In offshore valve design, the classic rule of “do not mix metals” is difficult to achieve due to extreme environmental conditions, fire safety requirements, and stringent materials specifications.
Modern offshore safety systems, such as firewater systems, must withstand continuous exposure to corrosive seawater, while delivering reliable isolation and control valve performance during normal operation and emergency conditions. Seawater service valves therefore play a critical safety role, making the elimination of galvanic corrosion while maintaining firesafe valve certification a long‑standing industry challenge.
The graphite challenge in seawater valve applications
In recent years, graphite sealing technology has become widespread in industrial valve manufacture due to its excellent thermal resistance, chemical stability, and flexibility. However, graphite is also the only non‑metallic electrical conductor and is more noble than many metals commonly used in offshore valve construction, including stainless steel, bronze, and titanium.
As a result, when graphite is exposed to seawater in contact with these metals, it can accelerate galvanic corrosion, particularly within seawater butterfly valves, control valves, and firewater isolation valves.
Traditionally, Severn’s Triple Offset Butterfly Valves utilised graphite in parts of their construction, which in seawater service applications could contribute to galvanic corrosion. Over time, this may compromise sealing integrity, valve reliability, and plant safety, potentially leading to costly unplanned outages.
Engineering a long‑term seawater valve solution
By working closely with offshore operators, EPC contractors, and end users, Severn identified this challenge and applied its extensive engineering heritage and technical valve design expertise to develop a long‑term solution.
The Severn engineering team designed a valve that either eliminates graphite entirely or isolates it completely from the line media, significantly reducing the risk of galvanic corrosion during normal operation. This ensures the highest levels of operational safety, asset protection, and system reliability, supporting the industry’s requirement for safe operations and minimal downtime.
OCT‑SW Triple Offset Butterfly Valve for Seawater & Firewater Systems
Severn’s OCT‑SW Triple Offset Butterfly Valve is a high‑performance seawater valve solution developed specifically for offshore sealine applications, firewater systems, and marine utility services.
These valves play a pivotal role in offshore safety systems, particularly where rapid isolation, reliable shut‑off, and firesafe operation are mandatory. Leveraging over 65 years of oil & gas valve engineering experience, the OCT‑SW valve has been designed to help operators meet their core objectives of safety, reliability, and reduced downtime.
Hybrid metallic‑polymer sealing technology
Severn has developed a hybrid polymer‑metallic sealing arrangement that removes the need for graphite laminates. By combining a primary metallic seal with a secondary polymer seal, Severn has:
Eliminated graphite exposure to seawater Increased isolation valve sealing performance Maintained full firesafe valve certification
Furthermore, by ensuring that any remaining graphite gaskets and packings are fully isolated from the process media, the design prevents graphite and seawater from ever coming into contact. This eliminates galvanic corrosion risk, protecting production uptime, asset integrity, and operating efficiency.
Certified firesafe and ATEX‑compliant valve design
In addition to mitigating corrosion, Severn’s Butterfly Valves for Seawater Applications meet key firesafe testing standards, including:
API 6FA
API 607
ISO 10497
This confirms the OCT‑SW valve as a certified fire‑safe valve, suitable for critical emergency scenarios.
The design also complies with ISO/IEC 80079‑36:2018 (ATEX) requirements, ensuring that static charge build‑up is eliminated and preventing any risk of spark generation. This makes the valve suitable for a broader range of hazardous area applications, extending beyond seawater service and reinforcing its versatility.
Materials, retrofitting & offshore suitability
The Severn OCT‑SW Butterfly Valve can be manufactured in a range of corrosion‑resistant materials, including:
Aluminium Bronze
Super Duplex Stainless Steel
Titanium
Anti‑blowout protection is provided as standard. Available in standard and non‑standard face‑to‑face dimensions, with lugged and double‑flanged body styles, the valve can be easily retrofitted into existing offshore pipeline systems. This makes it an ideal upgrade solution for operators experiencing galvanic corrosion issues in seawater valve systems.
It is a very exciting time at Severn, since we launched our new brand to create a strong, consistent identity for the business, we have been working to align our systems and processes within our manufacturing sites.
Following a review of the Severn Group companies operating in the UK, we have decided to simplify this structure and operations. Therefore, from 1st January 2023, Severn Unival Limited and Severn Glocon (Aberdeen) Limited will operate under the name of Severn Glocon UK Valves Limited.
Severn Unival Limited and Severn Glocon (Aberdeen) Limited will operate under the name of Severn Glocon UK Valves Limited
In practical terms this means all the business and assets will now use the Severn Glocon UK Valves Limited name. Day-to-day management, operations and business contacts will remain the same. However, some contracts or purchase orders will require formal assignment, we will notify you in due course, if this is the case. We will contact you again shortly to let you know about changes to be made to our bank accounts.
For your records, the official details are Severn Glocon UK Valves Limited, a company registered in England and Wales, under number 12329544, and with its registered office address at Heywoods Industrial Estate, Birds Royd Lane, Brighouse, HD6 1NA.
We have a dedicated project team in place to ensure a smooth transition. Please see enclosed a list of key contacts who will assist you with any questions you may have.
We look forward to working with you in the future. Best Regards,
The cautious global outlook that characterised the oil and gas industry for the past four years has driven a renaissance for established plant. Severn’s heritage in advanced engineering services for existing valve populations puts it at the forefront of growth in this arena. Since 2014, our established plant division Severn Unival has enjoyed exponential growth of 400%, putting its annual order book at £75m, emphasising that plant support is booming for Severn.
Divisional managing director Colin Findlay says leading operators are changing their approach to valve management. The depressed oil price drove a focus on operational efficiency, leading to a wave of new investment to improve the performance of existing assets. Recognising the level of dedicated engineering skill and expertise required to optimise control and choke valve performance, many operators have held competitive technical tenders to outsource this element of plant management efficiently. As the market picks up, this activity is accelerating with operators seeking to maximise performance and productivity.
“Technology is the core driver of efficient and reliable plant operations,” Colin explains. “Following the volatility of 2014 and the prolonged downturn experienced since, oil and gas operators have been keen to find stability and certainty. Investing in existing plant is the most prudent way to achieve this, and operators that continue with this approach alongside investment in new projects will have much surer foundations as the market begins to pick up again.”
