2020 Outlook
Boulogne-Billancourt (France), February
20th 2020 – The environment in which Vallourec operates
went through significant changes in recent weeks: the coronavirus
epidemic (Covid-19) in the countries where the Group is present,
combined with the sudden decline in the price of oil, will have an
impact on the Group’s activities, especially in North America where
unconventional oil and gas operators are announcing drastic
reductions in their drilling plans.
It is impossible at this stage to quantify the
impact of these factors on Vallourec’s 2020 performance and
targets. Therefore, Vallourec suspends the guidance previously
communicated. Vallourec, whose teams are determined and mobilized,
implements decidedly all the necessary mitigation measures and is
accelerating the execution of its cost savings program to deal with
the situation, which it is facing after having considerably
improved its competitiveness in recent years.
Vallourec also enjoys a solid liquidity
position1 which to date has not been specifically affected by the
coronavirus epidemic or by the fall in the price of oil and has
evolved in line with the usual seasonality.
Vallourec is in close contact with its banks and
maintains a constructive dialogue with them in order to launch the
Rights Issue of € 800m announced on February 19, 2020 as soon as
conditions allow. The principle of the Rights Issue will be
submitted to the vote of shareholders at the General Meeting
scheduled for April 6, 2020.
1 2 220M€ as of December 31st, 2019, reduced in February 2020 by
€ 194 million due to the partial maturity of two credit lines.
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.
Calendar
April 6, 2020May 13, 2020 |
Shareholders’ Annual MeetingRelease of the first quarter of 2020
results |
For further information, please
contact:
Investor
relations Jérôme FribouletTel: +33 (0)1 49 09 39
77Investor.relations@vallourec.com |
Press relations Héloïse Rothenbühler Tél: +33 (0)1
41 03 77 50heloise.rothenbuhler@vallourec.com |
Individual shareholdersToll Free Number (from
France): 0805 65 10 10actionnaires@vallourec.com |
|
- v2_bis_VLR Press Release 20 March 2020 - 2020 Outlook
Vallourec (EU:VK)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Vallourec (EU:VK)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024