Contact Information: Giovanni Sardagna Tenaris 1-888-300-5432 www.tenaris.com
Venezuela Assumes Operational Control Over Tavsa
| Source: Tenaris S.A.
LUXEMBOURG--(Marketwire - November 17, 2009) - Tenaris S.A. (NYSE : TS ) (BAE : TS ) (MXSE : TS )
(MILAN : TEN ) ("Tenaris") announced that pursuant to Decree Law 6058 and
Decree 6796, Venezuela, acting through PDVSA Industrial S.A. (a subsidiary
of Petróleos de Venezuela S.A.), formally assumed exclusive operational
control over the assets of Tavsa, Tubos de Acero de Venezuela S.A.
("Tavsa"). Following this formal change in operational control, PDVSA
Industrial has assumed complete responsibility over Tavsa's operations and
management, and Tavsa's operations will thereafter be managed by the
transition committee previously appointed by Venezuela. Tenaris's
representatives in Tavsa's board of directors will cease in their
functions, effective immediately.
While continuing to reserve all of its rights under investment treaties and
Venezuelan and international law, Tenaris is prepared to engage in
discussions with the Venezuelan government regarding the fair and adequate
terms and conditions for the transfer of Tavsa to Venezuela.
Tenaris is a leading global supplier of steel tubes and related services
for the world's energy industry and certain other industrial applications.