Exhibit 7.1

Tenaris – Liquid financial assets over total assets

	At December 31,
Thousands of U.S. dollars	2019			2018			2017
Cash and cash equivalents		1,554,299			428,361			330,221
Other current investments		210,376			487,734			1,192,306
Bonds and other fixed income		18,012			113,829			123,498
Liquid financial assets		1,782,687			1,029,924			1,646,025
Total assets		14,842,991			14,251,299			14,398,218
Ratio		12	%		7	%		11	%

Tenaris – Total Liabilities to Total Assets Ratio

	At December 31,
Thousands of U.S. dollars	2019		2018		2017
Total liabilities		2,656,619		2,375,807		2,817,248
Total assets		14,842,991		14,251,299		14,398,218
Ratio		0.18		0.17		0.20

Tenaris – Current borrowings to total borrowings

	At December 31,
Millions of U.S. dollars	2019		2018		2017
Current borrowings		781,272		509,820		931,214
Total borrowings		822,152		539,007		965,859
Ratio		0.95		0.95		0.96