Exhibit 7.1

Tenaris – Liquid financial assets over total assets

Thousands of U.S. Dollars	December 31, 2014			December 31, 2013
Cash and cash equivalents		417,645			614,529
Other investments (current)		1,838,379			1,227,330
Liquid financial assets		2,256,024			1,841,859
Total assets		16,510,678			15,930,970
Ratio		13.7	%		11.6	%

Tenaris – Total Liabilities to Total Assets Ratio

Thousands of U.S. Dollars	December 31, 2014		December 31, 2013		December 31, 2012
Total liabilities		3,704,364		3,461,104		4,459,951
Total Assets		16,510,678		15,930,970		15,959,543
Ratio		0.22		0.22		0.28

Tenaris – Current borrowings to total borrowings

Thousands of U.S. Dollars	December 31, 2014		December 31, 2013
Current Borrowings		968,407		684,717
Total Borrowings		999,240		930,935
Ratio		0.97		0.74