Tenaris S.A.

Legal Proceedings Report • Dec 14, 2016

Informazione Regolamentata n. 0602-18-2016		Data/Ora Ricezione 14 Dicembre 2016 06:35:55	MTA
Societa'	:	TENARIS
Identificativo Informazione Regolamentata	:	82829
Nome utilizzatore	:	TENARISN02 - Sardagna
Tipologia	:	AVVI 16
Data/Ora Ricezione	:	14 Dicembre 2016 06:35:55
Data/Ora Inizio Diffusione presunta	:	14 Dicembre 2016 06:50:56
Oggetto	:	ICSID issues award in favor of Tenaris on the nationalization of Tavsa and Comsigua by Venezuela
Testo del comunicato

Vedi allegato.

Giovanni Sardagna Tenaris 1-888-300-5432 www.tenaris.com

ICSID issues award in favor of Tenaris on the nationalization of Tavsa and Comsigua by Venezuela

Luxembourg, December 13, 2016 - Tenaris S.A. (NYSE, Buenos Aires and Mexico: TS and MTA Italy: TEN) and its wholly-owned subsidiary Talta - Trading e Marketing Sociedad Unipessoal Lda (Talta) announce the release by the International Centre for the Settlement of Investment Disputes (ICSID) of its award in relation to the arbitration proceedings against the Bolivarian Republic of Venezuela (Venezuela) over the expropriation of their investments in Tubos de Acero de Venezuela S.A. (Tavsa), the sole producer of seamless steel tube products in Venezuela, and Complejo Siderúrgico de Guayana, C.A. (Comsigua), a producer of hot briquetted iron in Venezuela.

Tenaris and Talta initiated the arbitration proceedings on July 20, 2012 pursuant to the bilateral investment treaties entered into by Venezuela with the Belgium-Luxembourg Economic Union and Portugal. On December 12, 2016, the ICSID Arbitral Tribunal released its final Award in favour of Tenaris and Talta, upholding their claim that Venezuela had expropriated their investments in Tavsa and Comsigua in violation of the bilateral investment treaties entered into by Venezuela with the Belgium-Luxembourg Economic Union and Portugal. The award granted Tenaris and Talta compensation in the amount of US\$137.0 million for the breaches and US\$24.6 million in pre-award interest. In addition, Venezuela was ordered to reimburse Tenaris and Talta US\$3.3 million in legal fees and ICSID administrative costs.

Tenaris is a leading global supplier of steel tubes and related services for the world's energy industry and certain other industrial applications.