Exhibit 7.1

Tenaris – Liquid financial assets over total assets

	At December 31,
Thousands of U.S. dollars	2018			2017			2016
Cash and cash equivalents		428,361			330,221			399,737
Other current investments		487,734			1,192,306			1,633,142
Bonds and other fixed income		113,829			123,498			248,049
Liquid financial assets		1,029,924			1,646,025			2,280,928
Total assets		14,251,299			14,398,218			14,003,275
Ratio		7	%		11	%		16	%

Tenaris – Total Liabilities to Total Assets Ratio

	At December 31,
Thousands of U.S. dollars	2018		2017		2016
Total liabilities		2,375,807		2,817,248		2,590,203
Total assets		14,251,299		14,398,218		14,003,275
Ratio		0.17		0.20		0.18

Tenaris – Current borrowings to total borrowings

	At December 31,
Millions of U.S. dollars	2018		2017		2016
Current borrowings		509,820		931,214		808,694
Total borrowings		539,007		965,859		840,236
Ratio		0.95		0.96		0.96

104