Exhibit 7.1

Tenaris – Liquid financial assets over total assets

Thousands of U.S. Dollars	December 31, 2015			December 31, 2014
Cash and cash equivalents		286,547			417,645
Other investments (current)		2,140,862			1,838,379
Bonds and other fixed income		393,084			0
Liquid financial assets		2,820,493			2,256,024
Total assets		14,886,974			16,510,678
Ratio		19	%		14	%

Tenaris – Total Liabilities to Total Assets Ratio

Thousands of U.S. Dollars	December 31, 2015		December 31, 2014		December 31, 2013
Total liabilities		3,020,918		3,704,364		3,461,104
Total Assets		14,886,974		16,510,678		15,930,970
Ratio		0.20		0.22		0.22

Tenaris – Current borrowings to total borrowings

Thousands of U.S. Dollars	December 31, 2015		December 31, 2014
Current Borrowings		748,295		968,407
Total Borrowings		971,516		999,240
Ratio		0.77		0.97