Vallourec makes premium seamless steel tubes, threaded connections and related services for oil and gas wells and for demanding industrial applications. The group's registered office is at 12 rue de la Verrerie in Meudon, south-west of Paris, and its shares are listed on Euronext in Paris under the ticker VK, with membership of the CAC Mid 60, SBF 120 and Next 150 indices and a sponsored Level 1 American Depositary Receipt programme in the United States under the ticker VLOWY at a ratio of five depositary receipts to one share. Vallourec employs close to 13,000 people in more than 20 countries. From 1 January 2026 it changed its reporting currency from the euro to the US dollar, restating 2025 comparatives, and it reports in the Tubes and Mine and Forest segments alongside holdings and other activities.
Tubes, connections and adjacent products
The Tubes business supplies casing, tubing and line pipe for conventional, deepwater and high-pressure wells and the VAM family of premium connections, which is licensed and specified well beyond the group's own mills. Published examples include the VAM SLIJ-3 connection for salt cavern and storage work and, in 2026, two new extreme-torque connections aimed at North American shale operators. Vallourec has invested in coating and thermal insulation for deep and ultra-deepwater flow assurance and states that it is the first commercial licensee of ExxonMobil's Goldilocks subsea insulation technology. The same tubular expertise is marketed into new energy markets: geothermal wells, hydrogen and carbon dioxide storage, water infrastructure and general industry. The Delphy hydrogen storage concept received an award at the Hyvolution 2026 exhibition, and the group held a geothermal deep-dive for investors on 15 June 2026, having signed what it describes as a record long-term supply agreement with Fervo Energy with potential revenue of up to USD 800 million by the end of the decade, following a January 2026 partnership with XGS. Technical workshops for customers were held in Indonesia and China during 2026.
Customer contracts announced in 2026
Vallourec reported several offshore awards during the year. Contracts were secured for Petrobras' Atapu-2 project offshore Brazil, announced with Allseas on 22 July 2026; for Azule Energy's PAJ development offshore Angola; and for ExxonMobil's Hammerhead and Longtail projects in Guyana. On 16 September 2026 the group announced a major contract with Subsea7 for Petrobras' Sepia 2 development, also in Brazil, and on 18 September 2026 it announced a contract for the Prinos carbon dioxide storage project in Greece. The group also reported a Petrobras innovation programme and work with a Chinese partner on hydrogen. In its second-quarter statement Vallourec said tendering momentum was turning into awards across onshore and offshore markets, and that it expected higher international volumes in the second half of 2026 despite the continued closure of the Strait of Hormuz, which was affecting delivery timing in selected countries.
Results for the first half of 2026
Second-quarter revenue was USD 886 million, ten percent below the same quarter of 2025, with EBITDA of USD 190 million at a 21.4 percent margin, operating income of USD 103 million and net income attributable to shareholders of USD 45 million, or 18 cents per diluted share. Tube shipments fell to 244 thousand tonnes from 272 thousand in the first quarter, but Tubes EBITDA per tonne held at USD 722, 31 percent above the prior-year quarter. Mine and Forest sold 1.2 million tonnes of iron ore with EBITDA of USD 33 million, down 35 percent on lower volumes and the stronger Brazilian real. First-half revenue was USD 1,860 million, eight percent lower year on year, with EBITDA of USD 409 million at 22.0 percent, operating income of USD 259 million and net income attributable to shareholders of USD 131 million. Tubes EBITDA rose from USD 334 million to USD 372 million across the half as higher prices and a better mix offset lower volumes. The comparison was also affected by the disposal of Serimax in July 2025, which had contributed USD 16 million of EBITDA in the second quarter of 2025.
Cash, balance sheet and shareholder returns
Adjusted free cash flow was USD 303 million in the first half and total cash generation USD 253 million. The net cash position reached USD 183 million at 30 June 2026, which the company described as its highest since 2009, against gross debt of USD 998 million and liquidity of USD 2.0 billion, including USD 1,231 million of cash and undrawn revolving credit and asset-backed lending facilities. Vallourec completed a buyback programme on 30 June 2026 after repurchasing 5,868,656 shares at an average price of EUR 18.67 for about EUR 110 million. Outstanding warrants were exercised in June 2026, producing 28,465,882 new shares and about EUR 307 million of proceeds received in July, and the group paid an extraordinary interim dividend of EUR 2.05 per share on 5 August 2026. Together these represent a return of about EUR 650 million to shareholders during 2026. Guidance for third-quarter 2026 EBITDA is USD 170 million to 210 million, with full-year iron ore production sold expected at 5 to 5.5 million tonnes and third-quarter results due on 20 November 2026.
Markets, operations and contact
Tubes revenue in the first quarter of 2026 was USD 368 million in North America, USD 250 million in the Middle East, USD 137 million in South America, USD 81 million in Asia, USD 31 million in Europe and USD 31 million elsewhere, with oil and gas and petrochemicals customers accounting for USD 784 million of the USD 897 million total. Vallourec says it has a local presence in key Middle East markets including Saudi Arabia and the United Arab Emirates, which allowed it to keep serving major customers through the shipping disruption, while its iron ore operations are in Minas Gerais, Brazil, where heavy rainfall reduced first-quarter output. In the United States it points to restrained OCTG imports, trade investigations and firming prices. The group runs a From Good to Great operational improvement plan and supports customers with field running services for its connections and digital tools for tubular design and well integrity. General enquiries are directed to [email protected], published on the legal notice page, individual shareholders can use [email protected], and the corporate communications team handles media requests.