France-based pipe manufacturer Vallourec has announced its financial results for the first quarter of the current year.
In the given quarter, Vallourec recorded a net loss of €126 million, compared to a net loss of €284 million in the corresponding quarter of the previous year. Vallourec's sales revenues in the same period amounted to €783 million, rising 16.7 percent year on year, while it registered an operating loss of €111 million, compared to an operating loss of €290 million in the same quarter of 2016.
Vallourec stated that in Brazil drilling activity is expected to remain broadly stable in the current year compared to 2016, while revenue in the Europe, Middle East and Africa (EMEA) region should still be impacted by the low activity and prices. For 2017, the company targets an EBITDA improvement ranging between €50 million and €100 million when compared to the previous year.