SAIPEM TODAY

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COMPANY PROFILESAIPEM IS ONE OF THE LARGEST AND MOSTBALANCED TURNKEY E&C CONTRACTORS IN THE OIL & GAS INDUSTRY.

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Saipem has a strong bias towards oil and gas related activities in remote areas and deepwater. It is a leaderin the supply of engineering, procurement, project managementand construction services with distinctive capabilities in the designand execution of large-scale offshore and onshore projects.

Saipem operates in the Engineering& Construction and Drilling businesses. The Company enjoys a superior competitive position in the supply of EPC/EPCI services to the oil industry both onshore and offshore; with a particular focus on the toughest and most technologically challenging projects - activities in remote areas, deepwater, gas, “difficult oil”.Its drilling services continue to be distinctive, operating in many of theoil and gas industry’s ‘hotspots’, frequently in synergy with its onshore and offshore activities.Saipem is a global contractor, with strong local presence in strategic and emerging areas such as West Africa, North Africa, FSU, Central Asia, Middle East, and South East Asia. Saipem is a truly international company. Along with its strong European content, the major part of its human resource base comes from developing countries. Saipem employs over 48,000 people from more than 124 nationalities with sizeable operational service bases in India, Croatia, Romania, Indonesiaand Canada. Its clients and its people - in particular their health and safety - are the primary focus of all Saipem’s activities. Saipem has a distinctive Health & Safety Environment and Quality Management Systems.

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The growing importance of national oil companies, which prefer large EPC/EPCI contracting strategies, contributed to establishing a new contracting model where a single contractor assumes the overall responsibility to perform all the different phases of the project: normally referred to as EPC - Engineering / Procurement / Construction - projectin the onshore business and EPCI - Engineering / Procurement / Construction / Installation - projectin the offshore business. While these large EPC/EPCI contracts are more efficient, allowing technical improvements and increases in local content, they are also more risky. Saipem believes that the EPC/EPCI contractual form is the most efficient process as long as the contractor hasan industrial model that allows it to perform or control, in-house, the most critical project activities: Engineering, Construction and Installation. Maximising local contentis also an essential part of the modelin most world areas. Saipem has therefore a strong EPC/EPCI industrial model, which allows the Company to establish itself as a world leader in the oil & gas contracting services sector, both onshore and offshore.

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INDUSTRIAL MODEL

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ENGINEERINGAND CONSTRUCTION

Following the acquisition of several engineering companies over the last years, most prominently of Snamprogetti, Bouygues Offshore and Sofresid, Saipem has become one of the world’s largest engineering and construction companies, serving primarily the oil & gas, refining and petrochemical markets onshore and offshore, as well as a numberof diversified industrial ones, such as environment, infrastructure, marine terminals, etc.Saipem offers a complete rangeof project definition and execution services, particularly for the “mega-projects” required by the markettoday: from feasibility and front end

studies to design, engineering, procurement, construction and installation. Saipem also excels in the supply of high quality Front End Engineering, the first most crucial step in modern project execution, as well as of continuing project support technical services, such as the assistance throughout project evolution. Following the recent acquisitions, the integration of Saipem’s many engineering and project management centres in several continents has now been completed. Saipem now adopts a consistent design methodology and project execution philosophy across all its operating centres worldwide.

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Saipem project locations span the globe, from far Eastern Russia to the Americas, in very remote locations, often inaccessible, with harsh environmental conditions and very challenging logistics. Through a vast grid of offices, engineering centres, fabrication yards, logistic bases anda strong, technologically advanced

and highly-versatile offshore installation fleet, Saipem is amongthe most reliable international contractors able to coverall aspects of the complex and demanding engineering and construction project activity, both offshore and onshore.Saipem has always been the leader

in maximising local content, namely the amount of project work performed close to project sites,most often in new emerging economies. This applies to executing engineering locally, as well as to maximising procured supplies and subcontracts from local vendors.

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Saipem is presently contracted to major oil companies, carrying out important drilling programmes in Europe, FSU, North and West Africa, Middle and Far East and Americas, working in many of the oil and gas industry’s “hotspots”, frequently in synergy with the Group’s other construction activities.Saipem operates both in shallowand deep waters, using a state-of-the-art drilling fleet including the ultra deepwater DP drillships Saipem 10000 and Saipem 12000 and the fourth and fifth generation semisubmersible drilling units Scarabeo 5 and Scarabeo 7. Saipem has recently expanded its drilling fleet thanks to the start of the operationof the ultra deepwater sixth generation semisubmersible drilling units Scarabeo 8 and Scarabeo 9 and of the jack-up Perro Negro 8.Over the last years the expansion programme has also regarded the onshore assets, which currently include around a hundred rigs with different capacities.

DRILLING

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People, Skills, Equipment.

Saipem S.p.A.Via Martiri di Cefalonia, 67 - 20097 San Donato Milanese, Milan - ItalyTel. +39.02.520.1 - Fax +39.02.520.44415

saipem.com - A subsidiary of Eni S.p.A.

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