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February 21, 2013
16:30 EDTTSTenaris sees 2013 sales growth to be moderate
The company said, "Demand for energy continues to increase, despite a weak economic recovery, and oil prices are at levels which should continue to support investment in exploration and production activity during 2013. In North America, drilling activity in the second half of 2012 was affected by continuing low natural gas prices and lower liquids prices largely resulting from regional infrastructure restraints. In 2013, we expect drilling activity to recover gradually from current levels but to remain, on average, slightly below the level of 2012. In the rest of the world, drilling activity should increase led by the growth in the exploration and development of deepwater and unconventional reserves. In 2013, we expect higher levels of demand for premium OCTG products particularly in regions such as the Middle East and sub-Saharan Africa. Overall sales growth is expected to be moderate as higher oil and gas sales in Eastern Hemisphere markets are largely offset by lower sales in North America and in European industrial markets. EBITDA margins are expected to remain around current levels with product mix and industrial efficiency improvements offsetting the impact of lower prices in less differentiated segments."
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