TMK expects higher earnings in 2018 on strong OCTG demand in US, Russia

Russia’s largest pipemaker, TMK, expects its earnings to improve in 2018 supported by growing demand in the United States for oil-country tubular goods (OCTG), the company said in its latest financial report.

The demand for OCTG materials was being driven by a resumed increase in the number of rigs and a higher proportion of rigs being used for horizontal drilling, it added. The producer also expects Russia’s consumption of seamless OCTG materials to remain strong in 2018, with some upside potential. At the same time, TMK expects domestic consumption of large-diameter pipe (LDP) to remain weak in 2018, due to the completion or rescheduling of a number of major pipeline construction projects. The company’s European division expects its financial results...

Published

Vlada Novokreshchenova

March 01, 2018

14:27 GMT

Dnepr