Vallourec Revenues Rise 26.5% in 2017
BOULOGNE-BILLANCOURT, France – The parent of pipe and tube producer Vallourec Star reported its revenues rose 26.5% during 2017 because of a rebounding oil and gas market.
Vallourec, the parent company of Vallourec Star and VAM USA in Youngstown, said that its year-end revenues stood at $4.6 billion, compared to roughly $3.6 billion in 2016.
The global tube manufacturer posted a net income loss of $660 million for 2017, compared to a $932 million loss a year earlier.
Sales volumes increased 76.1% to $2.7 billion in 2017, the company said.
“In 2017, we benefitted from the first tangible signs of a recovery in the oil and gas industry following three years of an unprecedented downturn,” Philippe Crouzet, chairman of Vallourec’s management board, said in a statement. “In North America, drilling activity recovered at a stronger pace than initially forecasted, allowing us to boost deliveries and prices.”
Vallourec manufactures pipe and tube used in oil and gas exploration. In 2017, the company reported its oil and gas revenues stood at $2.8 billion, up 28.4% from the previous year.
The company reported that oil and gas revenues in the United States “increased significantly,” allowing price increases to take hold in July 2017.
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