France-based pipe manufacturer Vallourec has announced its financial results for the first half of the current year.
In the given period, Vallourec reported a net loss of €307 million, compared to a net loss of €254 million in the corresponding period of the previous year. Vallourec's sales revenues in the first half amounted to €1.84 billion, rising by 7.5 percent year on year, while it registered an operating loss of €205 million, compared to an operating loss of €189 million in the same period of the previous year.
In the first half of the current year, the company’s sales volume amounted to 1.08 million mt, increasing by 7.3 percent compared to the corresponding period of the previous year.
Vallourec stated that demand in the US for tubular products is expected to stay strong due to the continuous robust drilling activity, and it will benefit from OCTG price increases realized as of the beginning of second half of the current year, while in the rest of the world the company continues to anticipate higher oil and gas deliveries in the second half.
Vallourec also stated that, taking into account the gradual recovery in its main markets and the continued progress in its transformation plan, it confirms its positive outlook for the year with EBITDA in the second half of 2018 targeted to be significantly higher than in the first half, which stood at €18 million.