Tenaris to Complete Acquisition of Hydril on May 7, 2007

  
    
  
  
    
      Tenaris S.A. (NYSE:TS) (BCBA:TS) (BMV:TS) (BI:TEN) and Hydril Company 
      (NASDAQ:HYDL) announced today that, following the vote today by a 
      majority of Hydril’s stockholders in favor of 
      the proposed acquisition by Tenaris, the acquisition should be completed 
      on May 7, 2007. On that date, Tenaris will transfer to the paying agent 
      for the transaction US$97 per share in cash for each issued and 
      outstanding share of Hydril’s common stock and 
      Class B common stock, and a subsidiary of Tenaris will merge with and 
      into Hydril.
    
    
      To finance the acquisition and the payment of related obligations and to 
      refinance existing debt, Tenaris and the subsidiary that will merge with 
      and into Hydril have entered into syndicated term loan facilities in an 
      aggregate principal amount of US$2.0 billion. Tenaris will consolidate 
      Hydril’s balance sheet and results of 
      operations in its consolidated financial statements from May 7, 2007.
    
    
      Tenaris is the leading global manufacturer and supplier of tubular 
      products and related services for the world’s 
      oil and gas industry and other industrial applications. With Hydril, 
      Tenaris will add an industry-leading supplier of high performance 
      premium connection and pressure control products and services for the 
      oil and gas industry.
    
    
      Some of the statements contained in this press release are 
      "forward-looking statements." Forward-looking statements are based on 
      management’s current views and assumptions and 
      involve known and unknown risks that could cause actual results, 
      performance or events to differ materially from those expressed or 
      implied by those statements.