press release

ChevronTexaco and Tenaris Announce International Supply Agreement for Oil Country Tubular Goods

SAN FRANCISCO, May 3, 2002 -- ChevronTexaco Corp. and Tenaris today announced a five-year agreement for Tenaris to supply ChevronTexaco's international requirements for well casing and production tubing, commonly known as oil country tubular goods (OCTG). Under the agreement, valued at more than $80 million a year, Tenaris will manage the supply and delivery of the entire range of tubular products required by ChevronTexaco's operating affiliates outside of the United States.

Helmut Porkert, chief procurement officer of ChevronTexaco, said, "We're pleased with the Tenaris agreement because we expect it to provide significant savings compared with our current costs, as well as to reduce company-owned inventory and to standardize on fewer products, while maintaining quality, safety and environmental performance."

Germán Cura, Tenaris Oilfield Services Director, said: "We are delighted that one of the oil and gas super-majors has chosen us to meet its international needs for OCTG products. This agreement marks a significant step in our efforts to be the leading supplier of tubular goods and services worldwide."

The agreement covers ChevronTexaco oil field operations in five regions -- Argentina, Canada, Europe, Nigeria and Venezuela -- with the potential for expansion to other areas. Tenaris will be responsible for managing the entire supply chain of OCTG, including pipe design, manufacture, transportation and inventory management, together with comprehensive management services customized to the needs of each of ChevronTexaco's operating affiliates.

About ChevronTexaco

Based in San Francisco, ChevronTexaco Corp. is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. More than 53,000 ChevronTexaco employees work in approximately 180 countries around the world, producing oil and natural gas and marketing fuels and other energy products. More information is at

About Tenaris

Tenaris, world leader in tubular technologies, represents eight established manufacturers of steel tubes: AlgomaTubes (Canada), Confab (Brasil), Dalmine (Italy), NKKTubes (Japan), Siat (Argentina), Siderca (Argentina), Tamsa (Mexico) and Tavsa (Venezuela). With a combined production capacity of three million tons of seamless and 850,000 tons of welded steel tubes, annual sales of $3 billion, and 13,000 employees in five continents, Tenaris is a leading supplier of tubular goods and services to the global energy and mechanical industries. More information is at (opens a new browser window).

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

Some of the items discussed in this press release are forward-looking statements about the expected savings and benefits from this agreement. These statements are based on current expectations, estimates and projections. The statements included in this release are not guarantees. Actual outcomes and results could differ materially from what is expressed or forecasted in these forward-looking statements.

Updated: May 2002