Saudi Arabia-based pipemaker TenarisSaudiSteelPipes, formerly known as Saudi Steel Pipe Co. (SSP), has announced that it has signed a contract with Uruguay-based Tenaris Global Services, distributor subsidiary of Luxembourg-based steel tube producer Tenaris, to supply oil and gas pipes worth SAR 105 million ($28 million).
Under the contract, Saudi Steel Pipe will supply oil and gas pipes to Tenaris Global Services within eight months. The financial impact of this contract is expected to be reflected in the last quarter of 2023 and first half of 2024.
It is noteworthy that in 2019 Tenaris acquired 47.79 percent of SSP shares and rebranded the company as TenarisSaudiSteelPipes.