ACUPDATE 1-France's Vallourec lifts guidance on U.S. drilling rebound (VK)
French steel pipe maker Vallourec raised its 2017 financial guidance on Thursday for the second time since July, after higher oil and gas revenue in the United States and cost cutting helped it swing to a core profit in the third quarter. The company's core oil and gas business has benefitted from increased drilling activity in the United States, where the rig count remains well above last year's level despite recent declines. "With the very strong increase in volumes, which started at the end of 2016 and grew during the whole of the first half of 2017, we started to significantly increase our
Vallourec Expects Loss in 2015 After Oil Collapse
Vallourec Expects Loss in 2015 After Oil Collapse Vallourec expects to post a net loss this year as the demand for its seamless steel pipes for the oil industry has collapsed together with oil prices.Vallourec Swings to Loss, Cuts Jobs
Vallourec Swings to Loss, Cuts Jobs French steel-pipe maker Vallourec SA Wednesday reported a loss in the first quarter and said it would cut 2,000 jobs as revenues continue to slide on a fall in demand from oil and gas companies.France’s Vallourec to Cut Jobs as It Seeks Capital Amid Oil Slump
France’s Vallourec Axes Jobs, Seeks Capital Amid Oil Slump Vallourec, a French maker of high-strength steel for the oil sector, plans to raise around $1 billion in fresh capital, suspend its dividend, and cut more than 2,500 jobs.