Vallourec Drilling Products Cuts Roughly 150 Jobs in Texas
Vallourec Drilling Products, a subsidiary of Paris, France-based steel pipe maker Vallourec , will lay off roughly 150 employees in Texas, according to a regulatory filing.
Vallourec (VAC.F) specializes in making tubular products for the energy and other industrial sectors. It has about 19,000 employees worldwide.
The layoffs come as companies that supply equipment and services to the oilfield are still recovering from a three-year rout in oil prices. Although benchmark crude futures have traded above $60 a barrel for much of the year, they have fallen recently amid concerns of growing supply.
On Tuesday, West Texas Intermediate crude futures were trading around $58.74 a barrel.
In December, Vallourec said it was considering divesting its drilling products business.
A representative from the company did not immediately respond to a request for comment.
Vallourec's North American Drilling Products group has offices in Houston, Texas and Edmond, Oklahoma.
Last week, rival drill pipe maker IPSCO Tubulars postponed an initial public offering due to adverse market conditions.
Reporting by Liz Hampton
