Tenaris

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Tenaris S.A.
TypeSocietà per Azioni
Traded asBITTEN
NYSETS
BCBA: TS
BMV: TS
IndustryOilfield services
Founded2001
HeadquartersLuxembourg City, Luxembourg
Key peoplePaolo Rocca (Chairman and CEO)
ProductsSteel pipes for oil and gas, energy and automotive industries
RevenueIncrease US$10.8 billion (2012)
ProfitIncrease US$1.6 billion (2012)
Employees25,420
ParentTechint
Websitewww.tenaris.com
 
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Tenaris S.A.
TypeSocietà per Azioni
Traded asBITTEN
NYSETS
BCBA: TS
BMV: TS
IndustryOilfield services
Founded2001
HeadquartersLuxembourg City, Luxembourg
Key peoplePaolo Rocca (Chairman and CEO)
ProductsSteel pipes for oil and gas, energy and automotive industries
RevenueIncrease US$10.8 billion (2012)
ProfitIncrease US$1.6 billion (2012)
Employees25,420
ParentTechint
Websitewww.tenaris.com

Tenaris is an international manufacturer and supplier of seamless and welded steel pipe products and provider of pipe handling, stocking and distribution services to the oil and gas, energy and mechanical industries. It is a majority-owned subsidiary company of the Italian group Techint.

It is headquartered in Luxembourg and is also a supplier of welded steel pipes for gas pipelines in South America. With manufacturing facilities in Argentina, Brazil, Canada, China, Colombia, Italy, Japan, Mexico, Romania, USA and Venezuela and a network of customer service centers in over 20 countries[citation needed]. Tenaris has an annual production capacity of 3.3 million tons of seamless, and 2.8 million tons of welded pipes, annual consolidated net sales in excess of US$ 12.1 billion (2008) and 23,500 employees worldwide[citation needed]. Tenaris has recently[when?] bought Hydril and later split the premium connections from pressure control side of the business. The pressure control business was sold to GE Oil and Gas in April 2008.

The company's CEO is Paolo Rocca; its CFO is Ricardo Juan Pedro J. Soler, its CIO is Carlos Pappier and its Commercial Director is Alejandro Lamartyn.

FCPA Fine[edit]

On 17 May 2011, Tenaris agreed to pay the US Department of Justice US$8.9 million in the first ever deferred prosecution agreement with the Securities and Exchange Commission.[1]

A settlement was reached after Tenaris voluntarily disclosed details of illicit payments made to officials of an Uzbek state-controlled oil firm which were not properly recorded in the company’s financial statements.

According to the Department of Justice, Tenaris paid bribes through local agents to obtain competitor’s bid information, which it used to submit revised bids in order to secure tenders.

An official at the Department of Justice said, “The company’s immediate self-reporting, thorough internal investigation, full cooperation with SEC staff, enhanced anti-corruption procedures and enhanced training made it an appropriate candidate for the Enforcement Division’s first Deferred Prosecution Agreement.”[2]

See also[edit]

References[edit]

  1. ^ US Securities and Exchange Commission (17 May 2011). "Tenaris to Pay $5.4 Million in SEC's First-Ever Deferred Prosecution Agreement". US Securities and Exchange Commission. 
  2. ^ Samuel Rubenfeld (17 May 2011). "Tenaris SA Pays $8.9 Million To Settle FCPA Probe". Wall Street Journal. 

External links[edit]