Vallourec and Petrobas develop oil tubes
SAINTE-SAULVE, France, April 23 (Reuters) - Steel tube maker Vallourec (VLLP.PA: Quote, Profile, Research) is working with Petrobras (PETR4.SA: Quote, Profile, Research) to develop tubes for two new offshore oilfields in Brazil, Vallourec's chief executive said on Wednesday.
Vallourec will help Brazilian state-controlled oil copmany Petrobas to see what kind of tubes are best for the new fields, Vallourec CEO Pierre Verluca said at an opening ceremony of a new continuous casting line, without giving more details.
Etienne Bertrand, Vallourec's director of investor relations, told Reuters that Vallourec's business was brisk but the company, like all European firms, was suffering from the effects of a weak dollar.
Higher raw material prices were also eroding margins because of fixed-price contracts, meaning there was a delay of a few months before the price increases could be passed onto clients, Betrand said. (Reporting by Marcel Michelson; Editing by Quentin Bryar)
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