Summary of Global Oil Services Conference Call Industry Overview - The report discusses the **Global Oil Services** industry, focusing on the outlook for 2H25 and FY26, highlighting both positive and negative signals in the market [1][2]. Key Insights 1. **Financial Strength**: The industry is currently in a strong financial position, although it is trading at historically low multiples. Many investors have not capitalized on the O&G capex recovery from 2022-24 [1][2]. 2. **Conflicting Signals**: There are concerns regarding oil supply and price stability, with questions about whether oil will remain oversupplied and if prices might decline. Additionally, there are indications of weakening International/Offshore activity, which could be exacerbated by high consensus expectations [1][2]. 3. **US Market Activity**: The Dallas Fed survey indicates a rapid deterioration in US activity expected in 4Q25, despite a stabilizing rig count. Current consensus expectations for the US market are low [1][2]. 4. **Optimism from Key Players**: Companies like GTT and Viridien express optimism ahead of 3Q25, contrasting with the overall cautious sentiment [1][2]. Regional Activity Recovery 1. **Diverging Opinions**: There are differing views on whether North America or international markets will lead the recovery. SLB suggests North America will remain constrained due to economic challenges, while Halliburton believes it is positioned for recovery [3][4]. 2. **Investment Implications**: The outlook for 2026-27 is more positive than generally perceived, with potential catalysts for the sector. The report suggests that 4Q25 may represent a low point for North America, and given the sector's low valuation (approximately 1.3x EV/Revenue), there is significant upside potential for various stocks [4][6]. Preferred Investment Calls - **Next 6 Months**: GTT (Target Price €193), Viridien (Target Price €94), SLB (Target Price $47.60) - **Next 12 Months**: SBM (Target Price €24), Rubis (Target Price €38.7), Vallourec (Target Price €22.6), Tenaris (Target Price €21) - **Next 18 Months**: Adnoc Drilling (Target Price AED6.76), Saipem (Target Price €3.54), Subsea (Target Price NOK240) - Notably, GTT, SBM, and Rubis are largely de-correlated from oil prices [6]. Conclusion - The Global Oil Services industry is at a critical juncture with mixed signals regarding future activity and investment opportunities. The financial strength of the sector, combined with low valuations, presents potential upside for select stocks, while regional disparities in recovery expectations highlight the complexity of the market landscape [1][4][6].

Core Insights - Vallourec will showcase its latest innovations in VAM connection and technologies supporting energy transition at ADIPEC 2025, the largest energy industry event globally, from November 3 to 6, 2025, in Abu Dhabi, UAE [1] Group 1: Company Overview - Vallourec is a world leader in premium tubular solutions for energy markets and demanding industrial applications, with a focus on oil & gas wells, new generation power plants, and high-performance mechanical equipment [4] - The company employs nearly 13,000 dedicated employees across more than 20 countries, emphasizing innovation and R&D to provide safe and competitive tubular solutions [4] Group 2: Product Innovations - Vallourec's VAM connection has set a benchmark in the Oil & Gas sector for performance and reliability since its inception, supported by extensive R&D and a global service offering [2] - At ADIPEC 2025, Vallourec will present its unique underground hydrogen storage solution, Delphy, alongside its full range of services, including project engineering and tubular management solutions [3]

Core Points - The document provides monthly information regarding the total number of voting rights and shares for Vallourec, a French limited liability company, as of September 30, 2025 [2][4] - The total number of outstanding shares as of September 30, 2025, is 238,407,393, with a theoretical total number of voting rights at 234,359,146 and a net total of voting rights at 233,895,369 [2][3] Summary by Category Total Outstanding Shares - As of September 30, 2025, the total number of outstanding shares is 238,407,393 [2] - The number of outstanding shares has seen slight variations over the months, with 238,391,214 on August 31, 2025, and 238,362,191 on May 31, 2025 [2] Voting Rights - The theoretical total number of voting rights as of September 30, 2025, is 234,359,146 [2] - The net total of voting rights, which excludes shares without voting rights, is 233,895,369 as of the same date [2][4] - The net total of voting rights has increased from 229,279,301 on November 30, 2023, to 233,895,369 on September 30, 2025 [2][3] Historical Data - Historical data shows a consistent number of outstanding shares around 237 million to 238 million from late 2022 to September 2025 [2][3] - The net total of voting rights has gradually increased over the months, indicating a potential growth in shareholder engagement or changes in share structure [2][3]

Group 1: European Market Overview - European stocks showed mixed performance as the U.S. faced a government shutdown after the Senate failed to pass a short-term spending bill [1] - The pan-European Stoxx 600 index increased by 0.2 percent to 559.42, following a 0.5 percent rise on Tuesday [1] Group 2: National Indices Performance - The German DAX decreased by 0.2 percent, while France's CAC 40 saw a slight decline [2] - The U.K.'s FTSE 100 rose by 0.7 percent, supported by a survey indicating accelerated growth in U.K. house prices [2] Group 3: Housing Market Insights - U.K. house prices experienced an annual growth of 2.2 percent in September, up from 2.1 percent in the previous month, surpassing the forecast of 1.8 percent [2] - On a monthly basis, house prices rebounded by 0.5 percent after a 0.1 percent decline in August, exceeding economists' expectations of a 0.2 percent increase [3] Group 4: Pharmaceutical Sector Developments - Pharmaceutical stocks gained traction as Pfizer secured a deal with the U.S. government to reduce prescription drug prices in exchange for tariff relief [3] - Notable stock movements included Sartorius rising by 6.7 percent, Merck increasing by 5.2 percent, and Roche jumping by 5.3 percent [3] Group 5: Company-Specific News - Tate & Lyle, Plc saw a significant drop of almost 10 percent after revising its revenue and EBITDA outlook for the fiscal year ending March 31 [4] - Vallourec's shares increased by 2.2 percent following a new order from Petrobras for over 30 units of its Oil Country Tubular Goods solution [4] - British bakery chain Greggs surged by 8.2 percent, reporting a 6.1 percent sales growth for the third quarter of 2025 [5] - Technip Energies gained 1 percent after securing two engineering contracts from Repsol for the Ecoplanta project [5] - Diageo's stock rose by about 2 percent after pricing €1 billion of fixed-rate bonds under its European Debt Issuance Program [5] - Dutch engineering consultancy Arcadis surged by 8 percent due to share buyback announcements [6]

Core Insights - Vallourec has secured a new order with Petrobras for its SUBMAGNÉTICO FREE FLOW technology, aimed at preventing inorganic scaling in production strings in Brazil's offshore pre-salt fields [1][2]. Group 1: Technology Overview - SUBMAGNÉTICO FREE FLOW is a breakthrough technology that utilizes a magnetic field to reduce inorganic scaling, leading to significant cost reductions through fewer well cleaning interventions and lower consumption of scale inhibitors [2]. - The technology has successfully passed various qualification tests, including vibration, shock, pressure, API, and ISO connection tests, co-developed with Petrobras [3]. Group 2: Market Implications - The new order indicates a growing adoption of SUBMAGNÉTICO FREE FLOW as a standard anti-scaling technology for offshore production, showcasing Vallourec's capability to develop tailored solutions for critical industry challenges [4]. Group 3: Company Profile - Vallourec is a leader in premium tubular solutions for energy markets and demanding industrial applications, employing nearly 13,000 people across more than 20 countries [4]. - The company is listed on Euronext in Paris and is part of several indices, including CAC Mid 60, SBF 120, and Next 150 [5].

JEROME FAVRE APPOINTED HEAD OF OCTG, SERVICES AND ACCESSORIES Meudon (France), September 15, 2025 – Vallourec, a world leader in premium seamless tubular solutions, announces the appointment of Jérôme Favre as Head of the OCTG, Services and Accessories Business Line. He has joined the Executive Committee, effective immediately. Jérôme Favre previously oversaw OCTG sales for the Eastern Hemisphere and is succeeding Laurent Dubedout. He will work closely with Laurent to perpetuate the Group’s successful comme ...

Core Insights - Brazilian state-run oil company Petrobras has commissioned Vallourec for the supply of steel tubes for its offshore operations through 2029 [1] Company Summary - Petrobras is a state-run oil company in Brazil that is focusing on enhancing its offshore operations [1] - Vallourec is a steel tubes maker that has secured a significant contract with Petrobras, indicating a strong partnership [1] Industry Summary - The offshore oil and gas industry in Brazil is likely to see increased activity due to Petrobras's commitment to its operations [1] - The demand for steel tubes in offshore operations suggests a positive outlook for suppliers like Vallourec in the Brazilian market [1]

Core Insights - Vallourec has been awarded a significant contract by Petrobras for the supply of OCTG products and services, potentially generating up to USD 1 billion in revenue from 2026 to 2029, marking the largest award in terms of volume and revenue since Petrobras implemented an open tender strategy [1][2]. Group 1: Contract Details - The contract encompasses the full scope of OCTG supply, including seamless pipes and VAM premium connections for offshore wells ranging from 4.5" to 18", as well as carbon and stainless-steel tubulars and related accessories [2]. - Vallourec will provide extensive value-added services both onshore and offshore, including engineering, material coordination, rig preparation, offshore supervision, and repairs, aimed at enhancing Petrobras' operational efficiency [2]. Group 2: Company Positioning - This contract reinforces Vallourec's leadership in VAM premium connections and Vallourec Tubular Services in Brazil, showcasing the company's strong market position [3]. - Philippe Guillemot, CEO of Vallourec, emphasized the company's capability to meet complex customer requirements and the importance of its long-standing partnership with Petrobras, built on trust and technical excellence [4]. Group 3: Company Overview - Vallourec is recognized as a global leader in premium tubular solutions for energy markets and industrial applications, employing nearly 14,000 people across more than 20 countries [5]. - The company focuses on delivering innovative and competitive tubular solutions, supported by advanced R&D efforts [5].

Core Viewpoint - Vallourec announces a partial redemption of its senior notes maturing in 2032 for an amount of $82 million, which corresponds to 10% of the total principal amount of the notes [1][2]. Group 1: Financial Impact - The redemption of the notes is aimed at optimizing the Group's capital structure and reducing borrowing costs [2]. - Vallourec reaffirms its target of distributing 80-100% of total cash generation to shareholders, indicating that this transaction will not materially affect the amount available for such distributions [2]. Group 2: Redemption Details - The notes will be redeemed at a price equal to 103% of the principal amount, plus any accrued and unpaid interest, with the redemption date set for September 13, 2025 [3]. - Payment related to this redemption will occur on the business day following the redemption date, specifically on September 15, 2025 [3]. Group 3: Management Commentary - Philippe Guillemot, Chairman and CEO, stated that this transaction is a step towards capital structure optimization and demonstrates the company's commitment to maintaining a strong balance sheet with low leverage and high liquidity [4]. Group 4: Company Overview - Vallourec is a leader in premium tubular solutions for energy markets and demanding industrial applications, employing nearly 13,000 people across more than 20 countries [7]. - The company focuses on delivering innovative and competitive tubular solutions, emphasizing its commitment to R&D and technological advancement [7]. Group 5: Market Position - Vallourec is listed on Euronext in Paris and is part of several indices, including CAC Mid 60 and SBF 120, with an established Level 1 American Depositary Receipt (ADR) program in the United States [8].

Core Viewpoint - Vallourec has made its Interim Financial Report for the half-year ending June 30, 2025, publicly available and filed it with the French securities regulator [2]. Group 1: Financial Report Details - The report includes consolidated financial statements, an activity report, a statement from the responsible person, and the Statutory Auditors' review report [2]. - The Interim Financial Report can be accessed on Vallourec's official website [3]. Group 2: Company Overview - Vallourec is a global leader in premium tubular solutions for energy markets and industrial applications, employing nearly 13,000 people across more than 20 countries [4]. - The company focuses on innovative and competitive tubular solutions for various demanding sectors, including oil & gas and power generation [4]. Group 3: Stock Information - Vallourec is listed on Euronext Paris and is part of several indices, including CAC Mid 60 and SBF 120 [5]. - The company has a sponsored Level 1 American Depositary Receipt (ADR) program in the United States, with a parity of 5:1 between ADR and ordinary shares [5]. Group 4: Financial Calendar - The next financial results release is scheduled for November 14, 2025, covering the third quarter and nine months of 2025 [6].