Vallourec released H1 15 results. Revenues fell 23.1% to €2,070m, EBITDA reached €66m (vs €444m a year ago), operating income was €-228m (vs €+265m), and net income €-275m vs €+144m in H1 14. Free cash flow was €+3m (vs €+37m). Net debt stood at €1,670m vs €1,547m at year-end 2014 and €1,603 in Q1 15, after the dividend payment. The group however aims to deliver a positive free cash flow for FY15.