Boulogne-Billancourt, 9 November 2010 - Vallourec, world leader in premium tubular solutions, today announced its results for the third quarter of 2010. The consolidated financial statements were presented today by Vallourec's Management Board to its Supervisory Board.
Q3 2010 Key Figures
Sales volume of 507 thousand tonnes; up 5% versus Q2 2010; up 61%
versus Q3 2009
Sales of € 1,189 million; up 6% versus Q2 2010; up 21% versus Q3 2009
EBITDA of € 251 million representing 21.1% of sales
Net income, Group share of € 115 million
Strong demand in the USA driven by unconventional shale drilling
Integration of Serimax, global leader in offshore welding solutions
Strategic initiatives undertaken to strengthen Vallourec's presence in the
Chinese Oil & Gas and Power generation markets
Successful deployment of new innovative premium solutions
Commenting these results, Philippe Crouzet, Chairman of the Management Board, stated:
"Following the strong rebound in activity in the second quarter of the year, we experienced continued growth during the third quarter, notably in the dynamic oil & gas market. In particular, we saw strong growth in activity in the USA, driven by the application of unconventional drilling to liquids-rich shales. Most of our mills were operating at or close to full capacity. We also benefited during the quarter from the integration of Serimax.
The rolling mill at VSB in Brazil is approaching completion, ready for commissioning by the end of the year. In the USA, land preparation has been completed and construction of our new rolling mill is underway. We recently announced a series of initiatives to strengthen our longterm competitive positioning to serve the Chinese energy market. These strategic investments will allow Vallourec to accompany market growth and secure its position as market leader."
Quarterly statements are unaudited.
Unless otherwise specified, the changes indicated are expressed in comparison with the previous quarter