Tenaris advances supplies for Suriname offshore project

Tenaris is advancing its participation in GranMorgu, the offshore oil development operated by TotalEnergies off the coast of Suriname. The project has an estimated total investment of $12 billion, up from an initial announcement of $10.5 billion when approved in October 2024. TotalEnergies holds a 40% operating stake, APA Corporation holds 40%, and state-owned Staatsolie holds the remaining 20% in Block 58, which includes the Sapakara and Krabdagu fields located about 150 kilometres offshore.

Under contracts awarded in July 2025, Tenaris is supplying approximately 47,000 tons of casing and tubing with associated services, plus 37,000 tons of seamless pipes (about 190 kilometres) contracted by Saipem for subsea installations and pipe coatings. The pipes, manufactured at Tenaris plants in Italy and Mexico, will be laid at depths between 100 and 1,100 metres. At the end of June, Tenaris inaugurated a 74,500-square-metre service centre in Paramaribo with storage capacity for up to 15,000 tons to support drilling operations. Offshore infrastructure installation is scheduled to begin in 2027, with production starting in mid-2028 toward a peak capacity of 220,000 barrels per day.

The company also agreed in May to acquire 100% of Romanian steel and pipe manufacturer Artrom Steel Tubes for 86 million euros, subject to regulatory approval, adding capacity for 450,000 tons of steel and 200,000 tons of seamless tubes annually. In Argentina, Tenaris deployed its third hydraulic fracturing fleet in August at Tecpetrol's Los Toldos II Este field in Vaca Muerta for $110 million over 18 months, bringing total oilfield services investment since 2020 to over $240 million across more than 8,700 fracture stages. It also opened a $20 million operational base in Vista Alegre, Neuquén.

In the first half of 2026, Tenaris generated $6,067 million in total revenue. Tubes accounted for $5,734 million of that total, while oilfield services contributed $333 million. Argentine subsidiaries represented 17% of total sales, generating $1,031 million during the period.