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Marketwired
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Tenaris Announces 2017 Third Quarter Results / The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with I

LUXEMBOURG -- (Marketwired) -- 11/01/17 -- Tenaris S.A. (NYSE: TS) (BAE: TS) (BMV: TS) (MILAN: TEN) ("Tenaris") today announced its results for the quarter and nine months ended September 30, 2017 with comparison to its results for the quarter and nine months ended September 30, 2016.

Summary of 2017 Third Quarter Results

(Comparison with second quarter of 2017 and third quarter of 2016)

Q3 2017     Q2 2017         Q3 2016
                                    -------- --------------- ---------------
Net sales ($ million)                 1,303   1,243       5%    987      32%
Operating income (loss) ($ million)      79      51      54%    (33)    342%
Net income ($ million)                   95      73      30%     15     515%
Shareholders' net income ($
 million)                               105      75      41%     17     532%
Earnings per ADS ($)                   0.18    0.13      41%   0.03     532%
Earnings per share ($)                 0.09    0.06      41%   0.01     532%
EBITDA ($ million)                      225     200      12%    133      69%
EBITDA margin (% of net sales)         17.3%   16.1%           13.5%

Sales rose strongly in the Americas quarter on quarter reflecting seasonal factors in Canada, improved product mix and pricing in US onshore and higher activity from private operators in Argentina. Overall growth in sales, however, was held back by a trough in shipments to projects in the Middle East and Africa and for National Oil Company contracts under renewal as well as seasonal factors in European sales to distributors of line pipe and industrial products. Earnings per share, operating income and EBITDA margins all rose on lower general and administrative expenses and a recovery in margins in our non-tubular businesses.

During the quarter, we had a build up of inventories of $216 million in anticipation of higher shipments in the forthcoming quarter and net cash flow used in operations amounted to $2 million. After capital expenditures of $143 million, our net cash position (cash, other current investments and fixed income investments held to maturity less total borrowings) declined to $974 million at the end of the quarter.

Interim Dividend Payment

Our board of directors approved the payment of an interim dividend of $0.13 per share ($0.26 per ADS), or approximately $153 million. The payment date will be November 22, 2017, with an ex-dividend date on November 20, 2017 and record date on November 21, 2017.

Appointment to the Audit Committee

Our board of directors appointed Mr. Carlos Condorelli to the audit committee. Mr. Condorelli will contribute to the Committee his expertise and extensive experience in audit and accounting.

Market Background and Outlook

Drilling activity in the USA and Canada, which rose at a rapid pace in the first half of the year, has now stabilized as operators turn their attention to improving returns on capital amidst uncertainty about the recovery in oil and gas prices and the prospect of higher financing costs. In the rest of the world, recovery remains more elusive, though conditions in some markets, like the North Sea, are gradually improving and Middle East drilling activity remains stable. In Latin America, drilling activity in Argentina has started to recover driven by investments in the Vaca Muerta shale play, while, in Mexico, despite the positive results of the energy reform program, a significant recovery in activity remains distant.

We are currently starting up our Bay City rolling mill with the first pipe rolled on 18 October. This will reinforce our Rig Direct™ service program in North America with a shorter and more efficient supply chain, reducing lead times and inventory requirements.

In the fourth quarter and going into 2018, we expect our sales in the Americas to continue growing as we consolidate and expand our Rig Direct™ program in North America and activity in the Vaca Muerta shale play in Argentina increases. We also expect higher sales in the rest of the world, boosted by shipments for East Meditarrenean pipelines, higher shipments to Middle East customers and higher sales in Europe. EBITDA and operating income should also grow, with margins benefiting from higher plant utilization and containment of fixed costs.

Analysis of 2017 Third Quarter Results

Tubes Sales volume
(thousand metric tons)         Q3 2017      Q2 2017            Q3 2016
                               ------- ---------------- --------------------
Seamless                           527     529     (0%)       416        27%
Welded                             120      96     25%         62        95%
Total                              647     624      4%        477        36%

Tubes                           Q3 2017       Q2 2017           Q3 2016
                                -------  ----------------- -----------------
(Net sales - $ million)
North America                       633      548      16%     282      124%
South America                       256      227      13%     225       14%
Europe                              117      132     (11%)    126       (7%)
Middle East & Africa                170      212     (20%)    251      (32%)
Asia Pacific                         51       55      (7%)     34       52%
Total net sales ($ million)       1,228    1,175       5%     917       34%
Operating income (loss) ($
 million)                            66       46      43%     (32)     305%
Operating margin (% of sales)       5.4%     3.9%            (3.5%)

Net sales of tubular products and services increased 5% sequentially and 34% year on year, in line with the increase in shipment volumes. In North America, sales increased due to the seasonal recovery in Canada and better pricing and product mix in the United States. In South America sales increased due to an increase in activity at Vaca Muerta. In Europe sales declined reflecting seasonally lower sales of mechanical and line pipe products and lower sales of premium OCTG in Russia. In the Middle East and Africa sales reached a low point this quarter but are expected to recover strongly in the coming quarters led by shipments for East Mediterranean line pipe projects. In Asia Pacific we had lower sales of line pipe for complex projects.

Operating income from tubular products and services, amounted to $66 million in the third quarter of 2017, compared to $46 million in the previous quarter and a loss of $32 million in the third quarter of 2016. Sequentially, the increase in operating income is due to a reduction in selling, general and administrative expenses, mainly labor costs and services and fees.

Others                                     Q3 2017    Q2 2017      Q3 2016
                                           ------- ------------- -----------
Net sales ($ million)                          75     68     10%   69     8%
Operating income (loss)($ million)             13      6    136%   (0)
Operating margin (% of sales)                17.8%   8.3%        (0.6%)

Net sales of other products and services increased 10% sequentially and 8% year on year. The increase in sales and operating income is mostly related to our energy related businesses, sucker rods and coiled tubing.

Selling, general and administrative expenses, or SG&A, amounted to $305 million, or 23.4% of net sales in the third quarter of 2017, compared to $327 million, 26.3% in the previous quarter and $304 million, 30.9% in the third quarter of 2016. The sequential decline in SG&A expenses is mainly explained by lower labor costs and services and fees.

Other operating results, amounted to a loss of $1 million in the third quarter of 2017, compared with a gain of $2 million in the previous quarter and a gain of $17 million in the third quarter of 2016 when we recorded the sale of land not used in the production process of the Company.

Financial results amounted to a loss of $7 million in the third quarter of 2017, compared to a loss of $16 million in the previous quarter and a gain of $4 million in the third quarter of 2016. The loss of the quarter is mainly due to net foreign exchange transactions loss because of the Euro appreciation on Euro denominated intercompany-debt in subsidiaries with US dollar functional currency. These losses are to a large extent offset in equity, in the currency translation adjustment reserve.

Equity in earnings of non-consolidated companies generated a gain of $25 million in the third quarter of 2017, compared to $30 million in the previous quarter and $27 million in the third quarter of 2016. These results are mainly derived from our equity investment in Ternium (NYSE: TX) and Usiminas.

Results attributable to non-controlling interests amounted to a loss of $10 million in the third quarter of 2017, compared to a loss of $1 million in the previous quarter and a loss of $1 million in the third quarter of 2016. These results were mainly attributable to non-controlling interests at our Japanese subsidiary NKKTubes and at our subsidiaries in Ghana and Indonesia.

Cash Flow and Liquidity of 2017 Third Quarter

Net cash used by operating activities during the third quarter of 2017 was $2 million, compared to $33 million in the previous quarter and a cash generation of $254 million in the third quarter of last year. During the third quarter of 2017 we used $216 million for the increase in working capital related to the increase in shipments and production.

Capital expenditures amounted to $143 million for the third quarter of 2017, compared to $155 million in the previous quarter and $187 million in the third quarter of 2016. Capital expenditures mainly relates to the progress in the construction of the greenfield seamless facility in Bay City, Texas.

We maintained a net cash position (cash, other current investments and fixed income investments held to maturity less total borrowings) of $974 million at September 30, 2017.

Analysis of 2017 First Nine Months Results

Increase/
                                              9M 2017    9M 2016  (Decrease)
                                            ---------- ---------- ----------
Net sales ($ million)                           3,700      3,248         14%
Operating income (loss) ($ million)               167        (65)       357%
Net income ($ million)                            374         34        992%
Shareholders' net income ($ million)              385         21      1,689%
Earnings per ADS ($)                             0.65       0.04      1,689%
Earnings per share ($)                           0.33       0.02      1,689%
EBITDA ($ million)                                624        426         47%
EBITDA margin (% of net sales)                   16.9%      13.1%


                                                                   Increase/
Tubes Sales volume (thousand metric tons)     9M 2017    9M 2016  (Decrease)
                                            ---------- ---------- ----------
Seamless                                         1,564      1,177        33%
Welded                                             290        288         1%
Total                                            1,854      1,465        27%

                                                                   Increase/
Tubes                                         9M 2017    9M 2016  (Decrease)
                                            ---------- ---------- ----------
(Net sales - $ million)
North America                                   1,654       929         78%
South America                                     686       820        (16%)
Europe                                            364       421        (13%)
Middle East & Africa                              631       765        (18%)
Asia Pacific                                      152        98         56%
Total net sales ($ million)                     3,488     3,033         15%
Operating income (loss) ($ million)               142       (76)       286%
Operating income (% of sales)                     4.1%     (2.5%)

Net sales of tubular products and services increased 15% to $3,488 million in the first nine months of 2017, compared to $3,033 million in the first nine months of 2016, reflecting a 27% increase in volumes and a 9% decrease in average selling prices.

Operating income from tubular products and services amounted $142 million in the first nine months of 2017 compared to a loss of $76 million in the first nine months of 2016. Results improved following a 27% increase in shipment volumes, increasing sales and the utilization of production capacity and therefore the absorption of fixed costs. Additionally, severance charges were lower as market conditions improved.

Increase/
Others                                        9M 2017    9M 2016  (Decrease)
                                            ---------- ---------- ----------
Net sales ($ million)                             212        215        (2%)
Operating income ($ million)                       24         11       115%
Operating margin (% of sales)                    11.5%       5.3%

Net sales of other products and services decreased 2% to $212 million in the first nine months of 2017, compared to $215 million in the first nine months of 2016, while operating income increased 115% reflecting higher margins.

SG&A amounted to $926 million, or 25.0% of net sales during the first nine months of 2017, compared to $916 million, or 28.2% in the same period of 2016. Despite a 1% increase in SG&A expenses, SG&A as a percentage of sales declined following a 14% increase in sales.

Financial results were a loss of $27 million in the first nine months of 2017 compared to a loss of $1 million in the same period of 2016. The loss in the first nine months of 2017 is mainly due to the Euro appreciation on Euro denominated intercompany-debt in subsidiaries with US dollar functional currency. These losses are to a large extent offset in equity, in the currency translation adjustment reserve.

Equity in earnings of non-consolidated companies generated a gain of $90 million in the first nine months of 2017, compared to a gain of $57 million in the first nine months of 2016. These results are mainly derived from our equity investment in Ternium (NYSE: TX) and Usiminas.

Income tax amounted to a gain of $53 million in the first nine months of 2017, compared to a gain of $10 million in the first nine months of 2016, this result reflects primarily the effect of the Mexican peso revaluation on the tax base used to calculate deferred taxes at our Mexican subsidiaries which have the U.S. dollar as their functional currency.

Results attributable to non-controlling interests amounted to a loss of $10 million in the first nine months of 2017, compared to a gain of $13 million in the first nine months of 2016. These negative results were mainly attributable to non-controlling interests at our Japanese subsidiary NKKTubes and at our subsidiaries in Ghana and Indonesia while positive results recorded during the first nine months of 2016 were mainly attributable to our pipe coating subsidiary in Nigeria.

Cash Flow and Liquidity of 2017 First Nine Months

During the first nine months of 2017, net cash used in operations was $9 million, compared to $942 million provided by operations in the same period of 2016. Working capital increased by $581 million in the first nine months of 2017, while it decreased by $559 million in the first nine months of 2016.

Capital expenditures amounted to $437 million in the first nine months of 2017, compared with $629 million in the same period of 2016. These investments are to a great extent related to the construction of the new greenfield seamless mill in Bay City, Texas.

We maintained a net cash position (cash, other current investments and fixed income investments held to maturity less total borrowings) of $974 million at September 30, 2017.

Conference call

Tenaris will hold a conference call to discuss the above reported results, on November 2, 2017, at 09:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions. To access the conference call dial in +1 877 730 0732 within North America or +1 530 379 4676 Internationally. The access number is "5088749". Please dial in 10 minutes before the scheduled start time. The conference call will be also available by webcast at www.tenaris.com/investors.

A replay of the conference call will be available on our webpage http://ir.tenaris.com/ or by phone from 12.00 pm ET on November 2nd, through 11.59 pm on November 10th, 2017. To access the replay by phone, please dial +1 855 859 2056 or +1 404 537 3406 and enter passcode "5088749" when prompted.

Some of the statements contained in this press release are "forward-looking statements". Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Press releases and financial statements can be downloaded from Tenaris's website at www.tenaris.com/investors.

Consolidated Condensed Interim Income Statement

                                Three-month period
(all amounts in thousands of          ended          Nine-month period ended
 U.S. dollars)                    September 30,           September 30,
                                 2017        2016        2017        2016
                             -----------------------------------------------
Continuing operations               Unaudited               Unaudited
Net sales                     1,302,924     986,525   3,699,588   3,247,792
Cost of sales                  (918,338)   (731,450) (2,607,923) (2,408,135)
                             -----------------------------------------------
Gross profit                    384,586     255,075   1,091,665     839,657
Selling, general and
 administrative expenses       (304,723)   (304,469)   (926,286)   (916,477)
Other operating income
 (expense), net                    (808)     16,717       1,180      11,943
                             -----------------------------------------------
Operating income (loss)          79,055     (32,677)    166,559     (64,877)
Finance Income                   11,776      14,226      35,762      58,333
Finance Cost                     (6,501)     (6,913)    (18,459)    (16,031)
Other financial results         (12,549)     (3,427)    (44,631)    (43,355)
                             -----------------------------------------------
Income (loss) before equity
 in earnings of non-
 consolidated companies and
 income tax                      71,781     (28,791)    139,231     (65,930)
Equity in earnings of non-
 consolidated companies          24,752      26,586      90,153      56,925
                             -----------------------------------------------
Income (loss) before income
 tax                             96,533      (2,205)    229,384      (9,005)
Income tax                       (1,307)      5,732      53,295       9,707
                             -----------------------------------------------
Income for continuing
 operations                      95,226       3,527     282,679         702
                             -----------------------------------------------

Discontinued operations
Result for discontinued
 operations                           -      11,961      91,542      33,559
                             -----------------------------------------------
Income for the period            95,226      15,488     374,221      34,261
                             -----------------------------------------------

Attributable to:
Owners of the parent            104,854      16,603     384,505      21,498
Non-controlling interests        (9,628)     (1,115)    (10,284)     12,763
                             -----------------------------------------------
                                 95,226      15,488     374,221      34,261
                             -----------------------------------------------


Consolidated Condensed Interim Statement of Financial Position

(all amounts in thousands of
 U.S. dollars)                At September 30, 2017    At December 31, 2016
                             ----------------------- -----------------------
                                    Unaudited
ASSETS
Non-current assets
  Property, plant and
   equipment, net              6,192,271               6,001,939
  Intangible assets, net       1,729,391               1,862,827
  Investments in non-
   consolidated companies        625,105                 557,031
  Available for sale assets       21,572                  21,572
  Other investments              227,927                 249,719
  Deferred tax assets            152,059                 144,613
  Receivables, net               187,571   9,135,896     197,003   9,034,704
                             -----------             -----------
Current assets
  Inventories, net             2,204,815               1,563,889
  Receivables and
   prepayments, net              182,292                 124,715
  Current tax assets             188,287                 140,986
  Trade receivables, net       1,066,522                 954,685
  Other investments            1,146,153               1,633,142
  Cash and cash equivalents      436,359   5,224,428     399,737   4,817,154
                             -----------             -----------
  Assets of disposal group
   classified as held for
   sale                                            -                 151,417
                                         -----------             -----------
Total assets                              14,360,324              14,003,275
                                         -----------             -----------
EQUITY
Capital and reserves
 attributable to owners of
 the parent                               11,495,733              11,287,417
Non-controlling interests                     96,710                 125,655
                                         -----------             -----------
Total equity                              11,592,443              11,413,072
                                         -----------             -----------
LIABILITIES
Non-current liabilities
  Borrowings                      34,977                  31,542
  Deferred tax liabilities       507,612                 550,657
  Other liabilities              222,315                 213,617
  Provisions                      38,072     802,976      63,257     859,073
                             -----------             -----------
Current liabilities
  Borrowings                     796,556                 808,694
  Current tax liabilities        106,529                 101,197
  Other liabilities              228,221                 183,887
  Provisions                      25,973                  22,756
  Customer advances               85,818                  39,668
  Trade payables                 721,808   1,964,905     556,834   1,713,036
                             -----------             -----------
  Liabilities of disposal
   group classified as held
   for sale                                        -                  18,094
                                         -----------             -----------
Total liabilities                          2,767,881               2,590,203
                                         -----------             -----------
Total equity and liabilities              14,360,324              14,003,275
                                         -----------             -----------


Consolidated Condensed Interim Statement of Cash Flow

                                      Three-month period  Nine-month period
                                            ended               ended
                                        September 30,       September 30,
                                     ---------------------------------------
(all amounts in thousands of U.S.
 dollars)                               2017      2016      2017      2016
                                     ---------------------------------------
Cash flows from operating activities      Unaudited           Unaudited

Income for the period                  95,226    15,488   374,221    34,261
Adjustments for:
Depreciation and amortization         146,293   167,520   457,359   494,638
Income tax accruals less payments     (30,804)  (47,047) (160,622) (115,778)
Equity in earnings of non-
 consolidated companies               (24,752)  (26,586)  (90,153)  (56,925)
Interest accruals less payments, net    2,683        59     7,572   (12,848)
Changes in provisions                  (2,048)    5,676   (21,968)   13,847
Income from the sale of Conduit
 business                                   -         -   (89,694)        -
Changes in working capital           (215,926)  148,955  (581,148)  559,187
Currency translation adjustment and
 Others                                26,898   (10,554)   95,306    26,004
                                     ---------------------------------------
Net cash (used in) provided by
 operating activities                  (2,430)  253,511    (9,127)  942,386
                                     ---------------------------------------

Cash flows from investing activities
Capital expenditures                 (143,356) (187,376) (437,162) (628,799)
Changes in advance to suppliers of
 property, plant and equipment          1,880     7,622     6,209    41,974
Proceeds from disposal of Conduit
 business                                   -         -   327,631         -
Investment in non-consolidated
 companies                                  -         -         -   (17,108)
Loan to non-consolidated companies      1,950   (11,550)   (7,056)  (35,398)
Acquisition of subsidiaries           (10,418)        -   (10,418)        -
Investment in companies under cost
 method                                     -         -    (3,681)        -
Proceeds from disposal of property,
 plant and equipment and intangible
 assets                                 1,520    18,253     4,398    22,232
Dividends received from non-
 consolidated companies                     -         -    22,971    20,674
Changes in investments in securities  341,975    93,841   512,046   419,523
                                     ---------------------------------------
Net cash provided by (used in)
 investing activities                 193,551   (79,210)  414,938  (176,902)
                                     ---------------------------------------

Cash flows from financing activities
Dividends paid                              -         -  (330,550) (354,161)
Dividends paid to non-controlling
 interest in subsidiaries                   -   (24,000)  (19,200)  (28,311)
Acquisitions of non-controlling
 interests                                 (3)     (309)      (34)     (786)
Proceeds from borrowings              341,747   295,029   862,118   770,971
Repayments of borrowings             (370,184) (368,324) (888,670) (976,228)
                                     ---------------------------------------
Net cash (used in) financing
 activities                           (28,440)  (97,604) (376,336) (588,515)
                                     ---------------------------------------

                                     ---------------------------------------
Increase in cash and cash
 equivalents                          162,681    76,697    29,475   176,969
                                     ---------------------------------------
Movement in cash and cash
 equivalents
At the beginning of the period        270,837   392,643   398,580   286,198
Effect of exchange rate changes         1,260    (1,217)    6,722     4,956
Increase in cash and cash
 equivalents                          162,681    76,697    29,475   176,969
                                     ---------------------------------------
At September 30,                      434,778   468,123   434,777   468,123
                                     ---------------------------------------


Exhibit I - Alternative performance measures

EBITDA, Earnings before interest, tax, depreciation and amortization.

EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA = Operating results + Depreciation and amortization + Impairment charges/(reversals).

Three-month period  Nine-month period
(all amounts in thousands of U.S.           ended               ended
 dollars)                               September 30,       September 30,
                                     ---------------------------------------
                                        2017      2016      2017      2016
Operating income                        79,055  (32,677)   166,559  (64,877)
Depreciation and amortization          146,293  167,520    457,359  494,638
Depreciation and amortization from
 discontinued operations                     -   (1,353)         -   (4,081)
                                     ---------------------------------------
EBITDA                                 225,348  133,490    623,918  425,680

Net Cash / (Debt)

This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company's leverage, financial strength, flexibility and risks.

Net cash/ debt is calculated in the following manner:

Net cash = Cash and cash equivalents + Other investments (Current)+ Fixed income investments held to maturity - Borrowings (Current and Non-current).

(all amounts in thousands of U.S. dollars)               At September 30,
                                                         2017        2016
                                                     -----------------------
Cash and cash equivalents                               436,359     468,613
Other current investments                             1,146,153   1,830,590
Fixed income investments held to maturity               222,992     283,833
Borrowings - current and non-current                   (831,533)   (745,959)
                                                     -----------------------
Net cash / (debt)                                       973,971   1,837,077

Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com

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