Houston-based master tubular distributor MRC Global posted a net loss in the third quarter, partially due to disruptions in the oil and gas industry related to hurricanes Harvey and Irma, Kallanish reports.

MRC recorded a loss of $3 million on sales of $959m during the quarter, compared with a loss of $46m on sales of $793m in Q3 2016. That quarter also contained a $40m non-cash inventory and restructuring charge.

"I am pleased with 18% revenue growth for the first nine months of 2017 over the prior year as well as the continued execution of several multi-year framework agreements this year,” says ceo Andrew Lane. “In 2012, we executed the first global valve agreement in the industry with Shell and we have continued to build on that success, as this quarter we extended that agreement for an additional five years. Also, capitalizing on favorable market conditions, we refinanced our senior secured term loan and asset based lending facility this quarter, extending our maturities to 2024 and 2022, respectively. We are well-positioned for continued growth as the energy markets continue to improve.”