France-based pipe manufacturer Vallourec has announced its financial results for 2017.
In 2017, Vallourec recorded a net loss of €537 million, compared to a net loss of €758 million in the previous year. Vallourec's sales revenues last year amounted to €3.75 billion, rising 26.5 percent year on year, while it registered an operating loss of €483 million, compared to an operating loss of €749 million in 2016.
In 2017, the company's sales volume amounted to 2.25 million mt, increasing by 76.1 percent compared to the previous year.
Philippe Crouzet, Vallourec’s chairman of the management board, stated that in 2017 Vallourec benefited from the first tangible signs of a recovery in the oil and gas industry following three years of an unprecedented downturn. According to Mr. Crouzet, in North America drilling activity recovered at a stronger pace than initially forecasted, allowing the company to boost deliveries and prices. Tender activity in international oil and gas markets began to resume at a gradual pace.
In the current year, Vallourec expects to benefit from a favorable activity level in the US and a stable oil and gas activity in Brazil. Mr. Crouzet also stated that the timing and magnitude of the international oil and gas market rebound is still uncertain, but tender activity is increasing, which should result in higher bookings. In addition, the company remains focused on the implementation of its transformation plan which will continue to generate significant savings, and contribute to the continuous improvement of its results, he added.