May 13, 2020 / 4:10 PM / 14 days ago

BRIEF-Vallourec Sees Significant COVID-19 Impact On 2020 Activity

May 13 (Reuters) - VALLOUREC:

* Q1 REVENUE EUR 853.0 MILLION VERSUS EUR 1.03 BILLION YEAR AGO

* Q1 GROSS OPERATING PROFIT EUR 68 MILLION VERSUS EUR 67 MILLION YEAR AGO

* Q1 NET LOSS GROUP SHARE EUR 74 MILLION VERSUS LOSS EUR 90 MILLION YEAR AGO

* END-MARCH NET DEBT AT EUR 2.27 BILLION VERSUS EUR 2.03 BILLION AT END-DEC

* END-Q1 NEGATIVE AVAILABLE CASH FLOW OF EUR 181 MILLION VERSUS NEGATIVE EUR 159 MILLION YEAR AGO

* VALLOUREC SEES SEVERE DROP IN NORTH AMERICAN RESULTS IN COMING QUARTERS VERSUS Q1

* WORKFORCE REDUCTION IN NORTH AMERICA BY MORE THAN ONE-THIRD (OVER 900 POSITIONS) ACROSS ALL PLANTS AND SUPPORT FUNCTIONS

* VALLOUREC SEES 2020 ACTIVITY AND RESULTS SIGNIFICANTLY IMPACTED BY COVID-19 CRISIS, DROP IN OIL PRICES, EXPLORATION AND PRODUCTION INVESTMENTS

* FULL ADJUSTMENT OF VARIABLE COSTS WITH EXTRA EUR 130 MILLION IN GROSS SAVINGS TARGETED IN 2020

* CASH FLOW CONSUMPTION IN 2020 SHOULD BE SIGNIFICANTLY REDUCED COMPARED TO Q1 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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