In a statement, Vallourec said the cuts will affect 900 staff and contractor positions. 

“The world and the oil and gas Industry are living through extraordinary times, particularly in the U.S. The decisions announced today are necessary in a quickly deteriorating environment, but preserve our ability to serve our customers efficiently,” said Vallourec management board chairman Edouard Guinotte. 

“After reviewing possible alternatives, they were not made lightly, and I, together with the Vallourec executive committee, will ensure they will be implemented in the full respect of Vallourec values,” he said.