Exhibit 7.1

Tenaris – Liquid financial assets over total assets

	At December 31,
Thousands of U.S. dollars	2017			2016			2015
Cash and cash equivalents		330,221			399,737			286,547
Other current investments		1,192,306			1,633,142			2,140,862
Bonds and other fixed income		123,498			248,049			393,084
Liquid financial assets		1,646,025			2,280,928			2,820,493
Total assets		14,398,218			14,003,275			14,886,974
Ratio		11	%		16	%		19	%

Tenaris – Total Liabilities to Total Assets Ratio

	At December 31,
Thousands of U.S. dollars	2017		2016		2015
Total liabilities		2,817,248		2,590,203		3,020,918
Total assets		14,398,218		14,003,275		14,886,974
Ratio		0.20		0.18		0.20

Tenaris – Current borrowings to total borrowings

	At December 31,
Thousands of U.S. dollars	2017		2016		2015
Current borrowings		931,214		808,694		748,295
Total Borrowings		965,859		840,236		971,516
Ratio		0.96		0.96		0.77