21
Feb
14:20
Tenaris foresees further Mid-East destocking, higher drilling activity
Tenaris foresees further destocking in the Middle East in 2020 after the firm’s 2019 sales in the region were hampered by Saudi Aramco destocking in Saudi Arabia. Middle East drilling activity is, however, expected to pick up on-year.
Tenaris’ Middle East and Africa segment sales dropped -19% on-year in the fourth quarter of 2019 to $352 million. In full-year 2019 sales fell -13% on-year to $1.34 billion.
“In the Middle East & Africa, the ac…
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