11
Nov
12:57
Tenaris sees strong Mid-East drilling, competition squeezing prices
Tenaris foresees robust drilling activity in the Gulf Cooperation Council, with the rig count in Saudi Arabia forecast to rise 5-10% on-year in 2017 and by a further 20% in 2018. However, tendering is taking place at very competitive prices.
Tenaris’ Middle East and Africa (MEA) segment saw net sales rise 10% on-year in the third quarter to $251 million, although this was down -9% from Q2 2016. Sales were negatively affected by lower selling prices, with a…
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