Vallourec : reports second quarter and first half 2019 results

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

'With double digit revenue growth, continued rebound in profitability and a positive free cash flow, the second quarter performance brought new evidence that Vallourec is on the right path to recovery.

As anticipated, Oil and Gas is key in achieving these results, with EA-MEA being the main driver. In addition, Vallourec's mining operations in Brazil sold higher volumes at better prices.

We now target the solid EBITDA generation achieved in the first semester to be confirmed in the second one, the moderate slowdown expected on the North American Oil and Gas market being counterbalanced over the semester by an overall good level of activity in the Group's other markets and the continuation of our transformation plan execution.

We remain focused on cash discipline: our new initiatives to control working capital have already yielded positive results in the first part of the year, and we remain committed to achieve further progress going forward.

Looking ahead, we are confident to see in 2020, following the recovery of EA-MEA Oil and Gas markets in 2019, the restart of exploration activity in Brazil, where we enjoy strong positions, as a result of drilling commitments taken by oil companies following the bidding rounds over the last two years'.

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.