TenarisSaudiSteelPipes, formerly known as Saudi Steel Pipe Co. (SSP) and based in Saudi Arabia, has recently revealed its agreement with Tenaris Global Services, a subsidiary of the Luxembourg-based steel tube producer Tenaris, which is located in Uruguay. This contract involves the supply of oil and gas pipes valued at SAR 105 million (equivalent to $28 million).
The agreement specifies that TenarisSaudiSteelPipes will deliver these pipes to Tenaris Global Services within an eight-month timeframe. The financial implications of this contract are anticipated to be recognized in the final quarter of 2023 and the first half of 2024. It's important to note that Tenaris acquired a significant 47.79 percent of SSP shares back in 2019 and subsequently rebranded the company as TenarisSaudiSteelPipes.
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