Press Release January 2015 www.vallourec.com Boulogne-Billancourt , 29 January 2015 - Over the past few months, certain of Vallourec's end-markets have been affected by challenging conditions; in particular, oil markets have experienced substantial levels of turmoil, a situation that has led Oil & Gas companies to announce reductions in capital expenditure for Exploration & Production. As a consequence, Vallourec has reassessed the carrying value of its global asset base, as part of its annual impairment review.