Product and supply-chain solutions offer greater efficiency
CANTON, Ohio — May 5, 2008 — According to the U.S. Energy Information Agency (EIA), world oil consumption is projected to increase 1.4 percent annually and reach 117.6 million barrels per day by 2030. To meet that demand, the world's oil-producing countries must increase output by an additional 32 million barrels over the next 20 years.
To The Timken Company (NYSE: TKR), those facts and figures translate into an equally great demand from offshore explorers and producers for narrower supply chains that improve equipment delivery performance and high-quality steel products that increase efficiency.
At the 2008 Offshore Technology Conference, Timken will highlight its products and services that are strategically aligned to meet such demands, including its high-quality steel products and steel liner solutions, as well as new services from its recent acquisition of Boring Specialties Inc.
“With more than 90 years of steelmaking experience, The Timken Company is a well-known supplier to offshore oil producers, but in recent years we have reshaped our strategy to create greater value for our customers and drive product differentiation,” said Hugh Burnstad, manager of steel business development at Timken. “Our collective knowledge of steel production and friction management allows us to offer an immense amount of support to our customers.”
In early 2008, Timken reinforced its commitment to bringing value-added services to the offshore industry by acquiring the assets of Boring Specialties Inc. Now named Timken Boring Specialties, the company combines leading well boring and finishing products with a wide range of Timken high-quality alloy steel bars and tubes to offer customers a single supplier for deep precision holemaking and finishing services, as well as custom-engineered design and manufacturing.
While positioning itself for new growth opportunities, Timken remains committed to delivering the highest-quality steel bars and tubes available to the offshore industry.
“Timken’s ability to tightly control the chemistry and properties of its steel produces some of the cleanest steel available in the industry,” said Wayne Parcel, manager of global energy industrial sales for Timken’s Steel Group. “Timken steel is unsurpassed in consistency, from heat-to-heat and order-to-order.”
Timken is also applying its technical expertise to enhance the performance of its steel products and processes. At OTC Timken will highlight its steel liner solutions that incorporate engineered finished surfaces to reduce friction, component wear and corrosion. Timken’s liner solutions are cold-formed to near-net-shape design and require less machining, while offering higher fatigue strength and stiffness compared to cast iron liners.
For more information about the services and products offered by Timken, visit http://www.timken.com/products, or visit Timken at booth number 5901 during the 2008 Offshore Technology Conference.
About The Timken Company
The Timken Company (NYSE: TKR, www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers to perform faster and more efficiently. With sales of $5.2 billion in 2007, operations in 27 countries and approximately 25,000 employees, Timken is Where You Turn™ for better performance.
Source: The Timken Company
Media Contact: Jeff Dafler
Manager – Global Media & Government Relations
Mail Code: GNW-37
1835 Dueber Avenue, S.W.
Canton, OH 44706 U.S.A.
Telephone: (330) 471-3514
Facsimile: (330) 471-7032
jeff.dafler@timken.com
Media Contact: Elaine Laps
Senior Communications Consultant – Media Relations
Mail Code: GNW-37
1835 Dueber Avenue, S.W.
Canton, OH 44706 U.S.A.
Telephone: (330) 471-5806
Facsimile: (330) 471-2509
elaine.laps@timken.com
For Additional Information:
www.timken.com