Tenaris: Initiation of Coverage- Why This Energy Supplier May Be the Biggest Offshore Winner in 2025!

Tenaris S.A. delivered its first-quarter financial results for 2025, reflecting both challenges and opportunities. The company reported a quarterly sales figure of $2.9 billion, which marked a year-on-year decline of 15% but a sequential increase of 3%. This growth was primarily attributed to higher seasonal volumes in Canada and increased onshore sales in the U.S., despite downward pressure from declining average selling prices. The decline in prices was linked to market and product mix effects, particularly with reduced sales of premium OCTG products in key regions such as Mexico, Turkey, and Saudi Arabia, as well as diminished offshore project sales.