Vallourec Drilling Products Cuts Roughly 150 Jobs in Texas

Posted by Michelle Howard
Tuesday, February 13, 2018
Vallourec Drilling Products, a subsidiary of Paris, France-based steel pipe maker Vallourec , will lay off roughly 150 employees in Texas, according to a regulatory filing.

Vallourec specializes in making tubular products for the energy and other industrial sectors. It has about 19,000 employees worldwide.

The layoffs come as companies that supply equipment and services to the oilfield are still recovering from a three-year rout in oil prices. Although benchmark crude futures have traded above $60 a barrel for much of the year, they have fallen recently amid concerns of growing supply.

On Tuesday, West Texas Intermediate crude futures were trading around $58.74 a barrel.

In December, Vallourec said it was considering divesting its drilling products business.

A representative from the company did not immediately respond to a request for comment.

Vallourec's North American Drilling Products group has offices in Houston, Texas and Edmond, Oklahoma.

Last week, rival drill pipe maker IPSCO Tubulars postponed an initial public offering due to adverse market conditions.
Reporting by Liz Hampton
Categories: Energy Finance Fuels & Lubes People

Related Stories

SBM Offshore, SLB to Optimize FPSO Performance Using AI

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

Floating Offshore Wind Test Center Planned for Japan

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

TotalEnergies Inks 10-Year LNG Supply Deal with South Korea’s KOGAS

PTTEP Greenlights $320M Offshore CCS Project at Arthit Gas Field in Thailand

Current News

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

SBM Offshore, SLB to Optimize FPSO Performance Using AI

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com