Company: TNRSF
Filing Date: 2025-04-01
Form Type: 20-F
Source: 0001554855-25-000262
Chunk: 1

Company: TENARIS SA
Filing Date: 2025-04-01
Form: 20-F
Item: Item 17
Chunk 1
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. Shell
recently awarded us the casing supply for the first wells in its Sparta project
following many months of work on product testing and the development of 3D
mapping technology that enhances pipe collapse resistance using Ultra High
Collapse steel grades. This complements an award to supply BP’s Kaskida 20K
project.

We
consolidated our leading position in the Guyana-Suriname basin with an award to
supply line pipe and insulation coating for Total’s GranMorgu development. This
achievement was possible thanks to our successful integration of Shawcor and
its pipe coating technologies and project management capabilities.

In
the Middle East, our contributions to the development of local industrial
capabilities are receiving recognition. In Saudi Arabia, we recently won a
tender for a major CCS pipeline after Aramco had distinguished our GPC facility
with a special quality award. In Abu Dhabi, we extended our long-term agreement
with ADNOC, while our premium threading facility was certified as an Industry
4.0 digital leader by the Ministry of Industry and Advanced Technology.

In
Mexico, our sales have been affected by a steep decline in drilling activity
amidst the financial difficulties of Pemex. We have, however, taken the
opportunity to reduce our credit exposure. In Argentina, drilling activity and
oil and gas production in Vaca Muerta is ramping up as pipeline and LNG
infrastructure investment moves forward. Over the next months, we will be
supplying the oil pipeline that will connect Vaca Muerta to a new deepwater
port in Puerto Rosales in Chubut, while the activity ramp up will provide us
the opportunity to increase our range of products and services.

During the year, we completed several
investments in our industrial system aimed at improving the efficiency of our
operations as well as contributing to our decarbonization and environmental
objectives. These include the installation of a new electric arc furnace with
modern continuous charging technology in Argentina, the modernization of our
Koppel steelmaking facility in the United States, and the installation of a new
heat treatment furnace and finishing line at our
Dalmine mill in Italy. We have also been investing to increase the level of
automation and digital systems in our industrial and supply chain system and
extend pipe by pipe traceability.

   9  

  Annual Report 2024  

We
continue to make progress towards our target to reduce the carbon emissions of
our operations. As