Steel tube and pipe producer Tenaris saw net revenues for its tubes division in South America decline 7.3 percent in Q2, year-on-year, the company said this week while announcing its quarterly results.
According to Tenaris, net revenues in South America in Q2 reached $227 million, down from $245 million in the same quarter of the year prior.
“In South America, we had higher sales in Argentina (Vaca Muerta) and in the Andean region, partially offset by lower sales of connectors in Brazil, following shipment advancements in the previous quarter,” the company said, despite not providing specific figures for the South American countries.
Commenting on the outlook the company sees for Latin America, it said drilling activity in Argentina is starting to “pick up” with various operators “moving forward with investments in the Vaca Muerta shale play.”
According to Tenaris, recent offshore energy discoveries in Mexico will also provide “further impetus to the energy reform program.”