Tube and pipe producer Tenaris saw its net revenues in South America increase 40 percent, year-on-year, in Q4 to $296 million, the company said while releasing its quarterly results.
When compared to Q3, the company’s net revenues in the South American tube and pipe division rose 16 percent, quarter-on-quarter, from $256 million.
The company attributed increased sales in South America to “higher sales of line pipe in Argentina and increased sales of OCTG products in Colombia.”
“In Latin America, drilling activity in Colombia and in the Vaca Muerta shale play in Argentina has been picking up. In Mexico, however, despite further positive results of the energy reform program, a significant recovery in activity remains unlikely this year,” the company said.
As for the full year of 2017, Tenaris said net revenues in South America declined 5 percent, year-on-year, to $982 million.