One of the country’s leading pipe producer for the oil and gas industry TMK (based in Yekaterinburg) released its operational results for 2017.
The company increased the revenue by 32% to $4,4 B and EBITDA by 14% to $605 mln in comparison with 2016.
For 2018, TMK announced positive expectations.
Company’s CEO Alexander Shiryaev comments:
“TMK stays in the club of the world producers of oil and gas pipes. In the fourth quarter, we signed several agreements with the large clients on supply of the new innovative pipes and premium items. We have also reached our objective to decrease net debt-to-EBITDA ratio and look forward to strengthening the company’s financial standing. All in all, we look into 2018 positively, as in Russia demand for the OCTG pipes remains high and has a potential for further growth. In Europe, the demand to remain stable and prices are expected to stay favorable. In the U.S., fundamental market conditions facilitate the increase of demand for our products and we are certain that IPSCO to keep showing strong operational and financial results as the U.S. large oil and gas companies resume to increase the number of rigs, especially those for horizontal drilling”.