Vallourec SA (VLLP.PA) Key Developments | Reuters.com
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Vallourec SA (VLLP.PA)

VLLP.PA on Paris Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Vallourec announces conversion of NSSMC's convertible bonds
Monday, 20 Jun 2016 02:32am EDT 

Vallourec : Conversion of NSSMC's mandatory convertible bonds .Following this conversion, Vallourec's capital will stand at EUR 889,276,098 ($1.01 billion), divided into 444,638,049 shares.  Full Article

Vallourec gives Q2 2016 guidance
Monday, 2 May 2016 08:00pm EDT 

Vallourec SA:Says second quarter 2016 revenues and results are expected to be better than in the first quarter.  Full Article

Vallourec launches 480 million euro rights issue
Friday, 8 Apr 2016 02:35am EDT 

Vallourec SA:Announces launch of rights issue for about 480 mln euro with shareholders' preferential subscription rights.Subscription ratio: 8 new shares for 5 existing shares.Subscription price: 2.21 euro per new share.Subscription period: from April 11 to April 22 inclusive.  Full Article

Vallourec SA looking to cut 850 jobs - union tells Le Monde - Reuters News
Thursday, 7 Apr 2016 01:08am EDT 

Vallourec SA:Le Monde says union officials are talking about 850 jobs being on the line at French metal tubes maker Vallourec.  Full Article

Vallourec supplies seamless tubes for the Canopy of Les Halles in Paris
Monday, 4 Apr 2016 08:00pm EDT 

Vallourec SA:Vallourec supplies seamless tubes for the Canopy of Les Halles in Paris.  Full Article

Vallourec signs contract with ADNOC
Wednesday, 30 Mar 2016 02:45am EDT 

Vallourec SA:Signs a contract with Abu Dhabi National Oil Company (ADNOC) to supply OCTG during 2016-2018 period to its three operating companies.Will supply a full range of standard API and premium OCTG for both onshore and offshore oilfields.  Full Article

Vallourec announces new credit facility of 450 million euros
Wednesday, 30 Mar 2016 02:03am EDT 

Vallourec SA:New credit facility of 450 million euros, extension of an existing credit facility and enlargement of the syndicate of banks for the intended rights issue.Agreement for an additional revolving credit facility for an amount of eur 450 million, maturing in Feb. 2020.This facility is subject to a covenant to maintain a gearing ratio of a maximum of 75 pct, similar to Vallourec's other bank facilities.The new 450 million euro credit facility will become available subject to the closing of Vallourec's contemplated rights issue and a total capital increase in an amount approximately equal to the 1 billion euros previously announced.In addition, Vallourec has reached an agreement to extend by three years its existing bilateral revolving credit facility with J.P. Morgan for its US subsidiary Vallourec Star, LP in an amount of $80 million.  Full Article

Vallourec gives 2016 and 2020 guidance and confirms no dividend for 2015
Thursday, 18 Feb 2016 11:45am EST 

Vallourec SA:Says 2016 full year EBITDA targeted to be below that of 2015.Says 2016 free cash flow targeted to be negative at around minus 600 million euros with capex capped at 200 million euros.Says 2016 net debt not to exceed 1.5 billion euros after capital increase, Tianda acquisition and VSB-VBR merger.Confirms it will not pay 2015 dividend.Says targets EBITDA of around 1.2 billion to 1.4 billion euros in 2020.Says targets normalized free cash flow at 500 million euros to 600 million euros in 2020.  Full Article

Vallourec SA cuts investments further after 2015 net loss - Reuters
Thursday, 18 Feb 2016 06:04am EST 

Vallourec SA:Vallourec, which supplies oil and gas companies, reported a 2015 net loss, cut investments for the second consecutive year and said on Thursday that it expected adverse market conditions to persist throughout 2016 - RTRS.Vallourec said it slashed 3,500 jobs in 2015 as revenue from its core oil, gas and petrochemicals business tumbled nearly 38 percent.A sustained fall in oil prices, down around 70 percent since 2014, has forced oil and gas companies to make drastic cuts to project budgets, putting a squeeze on suppliers like Vallourec."In 2015, Vallourec faced an extremely difficult business environment, characterized by major exploration and production capex cuts by its customers," Chief Executive Officer Philippe Crouzet said in a statement.  Full Article

Vallourec announces job cuts and to not pay dividend for FY 2015
Monday, 1 Feb 2016 01:30am EST 

Vallourec SA:Says new job cuts involve about 500 posts in france, confirms no site closure in France.Says won't pay dividend on 2015 results.  Full Article

UPDATE 1-Tough oil and gas markets hit Vallourec's first-quarter sales

PARIS, May 3 Vallourec on Tuesday reported a first-quarter net loss and a drop in sales volumes to record lows, but the steel pipe maker said its results would improve in the second quarter.