By Pierre Bertrand

Shares of Vallourec SA rose sharply in early Wednesday trading after the French steel-tubing company secured a 10-year agreement with Saudi Arabia's national oil company.

At 0814 GMT, Vallourec shares traded up 8.1% at EUR10.33.

The 10-year casing-and-services deal will partly cover the drilling operations of Saudi Arabian Oil Co., known as Saudi Aramco. Orders will be manufactured and delivered from the company's plant in Saudi Arabia, Vallourec said Tuesday.

This latest contract is on a call-off basis and is placed every quarter. Two other orders from Saudi Aramco have already been received with deliveries scheduled for early 2023, Vallourec said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

September 21, 2022 04:33 ET (08:33 GMT)

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