Boulogne-Billancourt (France), 26 July 2017 - Vallourec today announces its results for the second quarter and first half of 2017. The consolidated financial statements were presented by Vallourec's Management Board to its Supervisory Board on 25 July 2017.

Better H1 2017 results; 2017 EBITDA target revised upwards

  • Q2 2017 EBITDA positive, at €3 million
  • H1 2017 EBITDA of -€18 million, up €86 million yoy
  • FY 2017 guidance revised upwards: Full year 2017 EBITDA targeted improvement from +€125 million to +€175 million versus 2016

Commenting on these results, Philippe Crouzet, Chairman of the Management Board, said:

'Vallourec's financial results in the first half reflect an improvement of the Group's performance both sequentially and year on year, with an EBITDA improving above expectations.
In the US, demand for O&G products remained strong thanks to an increased number of active rigs, enabling us to start passing through price increases. We are now starting to see a flattening trend in rig count. In Brazil, we benefited from good offshore deliveries at the beginning of the year and from the expected benefits of the Transformation Plan. In the rest of the world, tendering activity for Oil & Gas products remains steady for NOCs, while IOCs tendering activity shows some signs of upcoming recovery, in a still competitive environment.
We remain fully focused on our Transformation Plan, which is delivering the expected cost savings. We are rolling out our new organization, aiming at strengthening the Group's customer focus in each region, optimizing the use of our global resources, and boosting our development.
In that context, Vallourec upgrades its full year 2017 EBITDA target with an improvement ranging from +€125 million to +€175 million when compared to 2016.'

About Vallourec

Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec's pioneering spirit and cutting edge R&D open new technological frontiers. With close to 19,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible.

Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible for the Deferred Settlement System (SRD), Vallourec is included in the following indices: SBF 120 and Next 150.

In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.

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For further information, please contact:

​Investor Relations
 Alexandra Fichelson
Guilherme Camara
+33 (0)1 49 09 35 58
Investor.relations@vallourec.com

​​​Press relations
 Heloise Rothenbuhler
+33 (0)1 41 03 77 50 / +33 (0)6 45 45 19 67
heloise.rothenbuhler@vallourec.com

​​Individual shareholders
 Toll Free Number (from France)
0 800 505 110
actionnaires@vallourec.com​​

Vallourec SA published this content on 26 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 July 2017 15:50:18 UTC.

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