Vallourec - comment

Further management changes at Vallourec were announced this morning, with a new CFO appointed. Mr Sacha Bibert, who was previously CFO of the electricity producer/trading Company Unipor (the former ‘upstream’ Eon business), is appointed as the new CFO and joins the Executive Committee. He will join Philippe Guillemot on the Executive Committee who was appointed as new Chairman and CEO in March. This removes the previous management who guided the Company through the restructuring.