TMK, which describes itself as ‘a leading producer of tubular products for the oil and gas industry’, has announced Q2 revenues of US$1,107m, up 17% quarter-on-quarter and H1 revenue up 27% year-on-year at US$2,050m.
Q2 adjusted EBITDA sat at US$134m, down 6% quarter-on-quarter and at US$275m for H1, up 2% year-on-year.
There was also continued improvement at TMK’s American division with adjusted EBITDA standing at US$30m in H1 2017.
“Continued improvement in the US oil and gas market has enabled TMK to benefit from stronger demand and pricing,” said Alexander Shiryaev, CEO of Russian steelmaker TMK as the company announced its Q2 and H1 financial results.
According to Mr Shiryaev, drilling activity and E&P spending in the USA continue to grow and along TMK’s stable performance in Russia ‘this will support stronger Group EBITDA’ in the second half of the year.
The company claims to remain focused on developing innovation solutions for it’s major E&P customers and this included (in H1 2017) the launch of a unique corrosion-resistant casing pipe called TMK C and Russia’s first online retail platform for tubular goods.