Vallourec reports third quarter results and results for the first nine months of 2017

09/11/2017 - Finance
Vallourec announces its results for the third quarter and the first nine months of 2017.

Boulogne-Billancourt (France), 9 November 2017 – Vallourec today announces its results for the third quarter and first nine months of 2017. The consolidated financial information was presented by Vallourec’s Management Board to its Supervisory Board on 9 November 2017.

Improved 9M 2017 results

  • Positive EBITDA in Q3 2017: +€9 million compared with -€52 million in Q3 2016
  • Strong improvement in EBITDA for first nine months: -€9 million compared with -€156 million in 9M 2016
  • Mainly driven by higher Oil & Gas revenue in the US and the realized benefits from the Transformation Plan
  • Liquidity strengthened: €800 million refinancing through bond and convertible bond issuance
  • Range for EBITDA target for 2017 revised upwards to -€30 million and -€10 million.

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

“Over the first nine months of 2017, Vallourec’s financial performance has improved in each of the three quarters leading to significant progress compared to the same period in 2016. In the third quarter, the full effect of announced price increases in the US became evident. In EAMEA, NOCs continued to issue tenders for Oil & Gas products, and while IOCs’ are starting to sanction new projects in the region, market prices are still challenging.
Vallourec remains focused on the sustained implementation of its Transformation Plan.
In October, the Group both strengthened and diversified its liquidity position by raising €800 million on the bond and convertible bond markets.
The EBITDA target for the full year 2017 has been raised to a range between -€30 million and -€10 million.”


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.


For further information, please contact:

​Investor Relations
Alexandra Fichelson
Guilherme Camara
+33 (0)1 49 09 39 76

​​​Press relations
Heloise Rothenbuhler
+33 (0)1 41 03 77 50 / +33 (0)6 45 45 19 67

​​Individual shareholders
Toll Free Number (from France)
0 800 505 110​​

Back to all press releases