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News Breaks
June 10, 2014
14:19 EDTPBR, VLOUF, TSTenaris drops after competitor cuts guidance
Shares of steel pipe and tube maker Tenaris (TS) are falling after its competitor, Vallourec (VLOUF), reduced its guidance for its 2014 earnings before interest taxes depreciation and amortization. WHAT'S NEW: Vallourec now expects its EBITDA to drop 10% this year compared to 2013, the company stated in a press release earlier today. The company had previously anticipated that it would post a "moderate" increase in EBITDA this year. One reason for the change was a decision by Brazilian energy company Petrobras (PBR) to eliminate most of its tube inventories by the end of the year, Vallourec stated. Also, demand in the company's Europe, Asia, Middle East, and Africa region has declined as energy companies adjust their inventories and delay some tenders for premium products, Vallourec reported. "Management remains convinced of the long-term attractiveness of the global oil & gas end markets the Group serves and committed to implementing its strategy aimed at taking full advantage of these favorable structural trends," Vallourec's chairman, Philippe Crouzet, said in a statement. PRICE ACTION: In mid-afternoon trading, Tenaris dropped 3.3% to $45.34 and Vallourec shares trading in New York slumped 8% to $50.
News For TS;VLOUF;PBR From The Last 14 Days
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July 22, 2015
06:59 EDTPBRPortugal joins Petrobras corruption probe, FT reports
A probe into alleged corruption at Petrobras is spreading internationally, with Portugal announced that it will help Brazil in its investigation of the company, the Financial Times reports. Portugal's move comes just after the U.S., Peru, Colombia, Ecuador, and Panama all said that are taking action in the investigation, the report says. Reference Link
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10:34 EDTPBRHelix says in dialogue with clients to find ways to preserve contracted work
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