Aim is to Commercialize Aluminum Drilling Riser System

NEW YORK–Alcoa (NYSE:AA) announced today that it has signed a development
agreement with Cameron to commercialize aluminum drilling riser systems
for offshore oil and gas exploration and development. Houston-based
Cameron markets and develops various products for the oil and gas market
and is a market leader in the offshore drilling risers business. Alcoa
is an expert in aluminum technology and the design and manufacture of
aluminum products. The two companies will combine their expertise and
collaborate on research and development projects to broaden the market
for aluminum drilling riser systems.

The lightweight aluminum riser system will extend the capability of
existing drilling vessels allowing exploration in deeper depths of 20%
or more versus conventional steel risers. Welded aluminum risers weigh
nearly 40% less than steel risers and require up to 40% less buoyancy
material for similar depths. This weight savings equates into cost
savings, because aluminum risers are easier and less expensive to
transport, store and deploy.

“The aluminum drilling riser system is an innovation that could
significantly change deep water oil and gas drilling,” said Mary
Zappone, President, Alcoa Oil & Gas. “This partnership with Cameron, one
of the most accomplished leaders in drilling and production systems,
validates the lightweight aluminum riser system as a viable product.”

“With the aluminum riser system, we will be providing the lightest
drilling equipment in the industry,” said Harold Conway, President
Cameron Drilling Systems.

Last week, Alcoa announced that it agreed to purchase Noble
Corporation’s intellectual property pertaining to welded aluminum
risers, opening the door for Alcoa to form this cooperative partnership
with Cameron to develop lightweight welded aluminum risers for deepwater
applications.

To learn more about Alcoa Oil & Gas visit www.alcoaoilandgas.com.

About Alcoa
Alcoa is the world leader in the production and
management of primary aluminum, fabricated aluminum and alumina
combined, through its active and growing participation in all major
aspects of the industry. Alcoa serves the aerospace, automotive,
packaging, building and construction, commercial transportation and
industrial markets, bringing design, engineering, production and other
capabilities of Alcoa’s businesses to customers. In addition to aluminum
products and components including flat-rolled products, hard alloy
extrusions, and forgings, Alcoa also markets Alcoa® wheels, fastening
systems, precision and investment castings, and building systems. The
Company has been named one of the top most sustainable corporations in
the world at the World Economic Forum in Davos, Switzerland and has been
a member of the Dow Jones Sustainability Index for seven consecutive
years. More information can be found at www.alcoa.com.