France-based seamless pipe producer Vallourec has announced that its tube segment revenue declined by seven percent year on year to $811 million in the second quarter of 2026, as a 17 percent fall in sales volumes to 244,000 mt was partly offset by a 12 percent increase in average selling prices to $3,327/mt.
Supported by improved prices, a favorable product mix and cost adjustments, the segment's EBITDA rose by nine percent to $176 million, while EBITDA per metric ton increased by 31 percent to $722. Vallourec's overall revenue decreased by 10 percent to $886 million, while its EBITDA fell by nine percent to $190 million.
Vallourec CEO Philippe Guillemot stated that tube profitability remained above $700/mt despite lower international sales volumes, adding that stronger tender activity had begun translating into new onshore and offshore contracts. He highlighted awards for Petrobras' Atapu-2 project in Brazil, Azule Energy's PAJ project in Angola and ExxonMobil's Hammerhead and Longtail projects in Guyana.
According to Guillemot, higher drilling activity, restrained imports and improving OCTG prices are supporting capacity utilization in the US, while Middle Eastern customers are increasingly relying on local supply chains despite delivery delays caused by the continued closure of the Strait of Hormuz. Vallourec expects tube sales volumes and North American prices to rise in the second half, although a less favorable product mix and additional Middle East-related costs are forecast to reduce EBITDA per metric ton.
