The Italy, New York and Buenos Aires-listed company posted profits of $422.7 million in the three months to March, down from $448.2 million in the year-ago quarter.
Revenue grew 2% to $2.67 billion as the company reported strong sales in Saudi Arabia and sub-Saharan Africa.
"Over the past three quarters, drilling activity in North America has slowed down and should start to pick up by the end of the year, while in the rest of the world it should continue to increase slowly, supported by current oil and gas prices," the company said in a statement.
Sales were down of line pipe in Argentina and oil casing and tubing in Colombia, while industrial equipment was strong in Brazil.
Increased sales in Canada helped offset some of the US "lower market prices and less favorable product mix," the company said.
Tenaris expects continued strength in the Middle East throughout the rest of 2013, but also forsees delays in project execution in Brazil and weaker demand given economic issues in Europe during that time.
Shares closed down 1.15% in New York and up 1.26% in Italy on Wednesday.
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