The Complete Oil & Gas Services Provider

May 2012 P120601

Saipem 2

Contents

Highlights HSEQ

Business Units

Ownership and Financial Performance

Business Model Project Execution Centers, Fleet, Assets, Yards

Sustainability and Local Content

BU Engineering & Construction (°)

BU Drilling (°)

(°) Separate files

Saipem 3

Saipem Highlights Leading Global EP(I)C General Contractor

Designed and built:

Over 90 grass roots complexes, 1,700 process units

Over 120,000 km of land pipelines, sealines and trunklines

In the last decade, more than 100 offshore EPIC projects, including groundbreaking deepwater achievements

Drilled over 7,300 wells of which 1,800 offshore

Distinctive ‘frontier focus’ in Oil & Gas industries

Full service EP(I)C provider

Key local employer and investor in strategic markets

Most modern, technologically advanced offshore construction fleet

High quality drilling player onshore and in niches offshore

2011 Revenues 12.6 B€ End-of-2011 Backlog 20.4 B€

40,000 employees, of which 7,000 Engineers & Project Managers

Operating in more than 70 countries, more than 50 permanent establishments, employees from 123 nationalities

Saipem 4

HSEQ – Top Saipem Priority The Leadership in Health & Safety Program

Saipem and Subcontractor Personnel

mil

lion

man

hou

rs

LTI &

TR

I F

req

uen

cy r

ate

(°)

2,50

2,00

1,50

1,00

0,50

0,00

2011 2007 2008 2009 2010

250

200

150

100

50

0

(°) Per million man-hours worked

Saipem 5

Milan

Engineering Centres

Yards & Main Logistic Bases

Other Main Areas and Rep. Offices

Fano

Chennai

Paris

Global Presence with a Multilocal Emphasis

(°) December 31th, 2011

Rome

Human Resources 40,830 employees of 123 nationalities (°)

EP(I)C Hubs

(In Preparation)

Saudi Arabia

2%

M alaysia

2%

Azerbaijan

2%

United Kingdom

2% Indonesia

3%Angola

3%

Morocco

3%Peru

4%

Algeria

4%

Kazakhstan

5%

Venezuela

5%France

5%Philippines

6%

Nigeria

9%

India

9%

Italy

17%

Other

19%

Saipem 6

Global Business Units

Engineering and Construction

Drilling

Offshore Drilling Onshore Drilling

Offshore high quality niche player & Onshore frontier focus

Leader in EPC, Mega Projects Onshore

• Oil & Gas Production

• Gas Processing, LNG, GTL, GTS

• Import/Export Terminals

• Pipelines and Oil & Gas Transportation

Systems

• Refineries, Heavy Oils Conversion,

Chemical Plants

Sealines

Subsea Field Development

Fixed Facilities

Floaters

Subsea Services via Remote Technologies

Leader in Deepwater, Large EPIC Projects

Saipem 7

Company Organization

S. Goberti

Company Affairs

Deputy Chief Executive Officer

H. J. O’ Donnell

Drilling Business Unit

G. Caselli

Chairman of the Board

A. Meomartini

P. F. Tali

Chief ExecutiveOfficer

(CEO)

S. Goberti

Chief Financial Officer

P. Galizzi

Legal Affairs General Counsel

A. Riva

Internal Audit

D. Gallinari

Human Resources, Organisation

and ICT

A. Gebbia

Operational Risk & Opportunity and

Knowledge Management

S. De Sanctis

Quality, Health, Safety, Environment and Sustainability

G. Caselli

Group Country Manager Kazakhstan

P. Daleffe

Procurement

Engineering and Construction Business Unit

P. Varone

S. Bianchi

Integrated Projects

Saipem 8

Contents

Highlights HSEQ

Business Units

Ownership and Financial Performance

Business Model Project Execution Centers, Fleet, Assets, Yards

Sustainability and Local Content

BU Engineering & Construction (°)

BU Drilling (°)

(°) Separate files

Saipem 9

Saipem Ownership and Stock Performance

Market Cap. € 14.5 Billion @ Dec 31, 2011

Saipem Stock Price vs. FTSE MIB

Listed on Milan Stock Exchange

Saipem Stock, € FTSE MIB Index Ownership

57%

43%

Public

0

5

10

15

20

25

30

35

40

De

c-0

0

Jun

-01

De

c-0

1

Jun

-02

De

c-0

2

Jun

-03

De

c-0

3

Jun

-04

De

c-0

4

Jun

-05

De

c-0

5

Jun

-06

De

c-0

6

Jun

-07

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Jun

-08

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Jun

-09

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Jun

-10

De

c-1

0

Jun

-11

De

c-1

1

0

50.000

100.000

150.000

200.000

250.000

300.000

Saipem FTSE MIB Index

Saipem 10

(M€) Financials

Revenues New Contract Acquisitions Backlog

19105

9201

4682

3778

7049

4215

15382

2247

5430

18730

8035

3417

3759

5544

10543

20505

3863

5324

10094

3192

310

3508

7325

435

10292

4831

4341

554 566

11160

688 750

5236

4486

3463

9318

5125 4487

13860

10708 635

6070

4381 3496

3653

9917

3665

338

5089

12935

7744

4600

11845 265 326

7522

12863

6058

4182

3354

472

420

578 585

1197

760

1644

1463 1487

1064

701

Saipem Group Business Units (*)

Drilling Offshore

Onshore

2230

376

(*) Organizational model after March 2011

E&C Offshore

Onshore

2008 2007 2010 2009 2006 2008 2007 2010 2009 2006 2011 2008 2007 2010 2009 2006 2011 2011

12593

740

833

5945

5075

12505

588

780

5006

6131 6600

9604

20417

3301

912

260 365

Saipem 11

Major Global E&C Companies in Oil & Gas Markets Revenues in 2010 (B €)

0 2 4 6 8 10 12 14 16 18 20 22 24

Toyo Eng

Uhde

McDermott

SBM Offshore

Maire Tecnimont

Chiyoda

CB&I

Foster Wheeler

Petrofac

Subsea 7

JGC

Worley Parsons

Aker Solutions

Technip

Jacobs

KBR

Saipem

Fluor

Bechtel (o)

Oil & Gas businesses

Non Oil & Gas diversified businesses

Oil & Gas value estimated

2010 exchange rate averages

(o)

(+)

(+)

( )

( )

( )

( )

( )

( )

Different 2010 fiscal years ( )

Saipem

Saipem 12

<500 M€

≥1,000 M€

between 500 and 1,000 M€

(°) No. of contracts

Balanced Exposure to Oil & Gas Industry: Backlog Analysis

55%

33%4%

8%

North Africa

Europe

America

West Africa

CIS

Asia Pacific

Major/Supermajor

National

Independent

Other

BY GEOGRAPHIC AREA BY CLIENT

Middle East

Saudi Arabia

Brazil

Kazakhstan

Algeria

Angola

BY COUNTRY WITH MAJOR ’LOCAL-CONTENT’ FOCUS

Total Backlog as of 31 December 2011 = 20.42 B €

Nigeria

Canada

32%

3%10%8%

18%

18%

11%

5%

59%

2%

7% 5%

5%

5%12%

24%

18%

58%

13 (°)

12 (°)

(*) Total project value

Other

86 (°)

BY CONTRACT SIZE(*)

ON TOTAL E&C BACKLOG

Saipem 13

Contents

Highlights HSEQ

Business Units

Ownership and Financial Performance

Business Model Project Execution Centers, Fleet, Assets, Yards

Sustainability and Local Content

BU Engineering & Construction (°)

BU Drilling (°)

(°) Separate files

Saipem 14

Feasibility Studies

Technology Licenses

Project Definition

Basic Design, Front End

Start-up and Commissioning

Revamps, Upgrades, Modernization

Saipem E&C: Complete Range of EPC/EPIC Services

Engineering, Procurement, Installation, Construction

Lease and Operate Decommissioning

Emphasis on maximizing local presence and content

Superior capabilities for harsh, remote and difficult environments

Customized project and contracting solutions

Targeting even the most challenging and technologically advanced projects, offshore and onshore

EPC LSTK EPIC T&I Cost-plus Convertible Lease & Operate

Maintain and Operate Env. Remediation

Project Management

Saipem 15

Saipem Business Model Supply of complex solutions for even the largest and most challenging EP(I)C projects utilizing our global integrated network of skills and assets

Strong Project Management

Saipem 16

Saipem Assets: Engineering Centers

Saipem (Milan – Italy)

Saipem (Paris – France)

Saipem (Rome – Italy)

Saipem (Fano – Italy)

Saipem India Projects (Chennai – India)

EP(I)C HUBS

ENGINEERING CENTERS

Snamprogetti Canada (Calgary - Canada)

Saipem (London, Aberdeen - UK)

Saimexicana (Mexico City - Mexico)

Offshore Design Engineering (London - UK)

Saipem (Basingstoke - UK)

Saipem do Brasil (Rio de Janeiro - Brasil)

Sofresid (Regional Offices - France)

Moss Maritime (Oslo - Norway)

Sairus (Moscow - Russia)

Snamprogetti Romania (Bucharest - Romania)

Saipem India Projects (New Delhi - India)

Saipem Mediterranean Services (Rijeka - Croatia)

Saipem Indonesia (Jakarta - Indonesia)

Saipem (Sharjah - UEA)

Saipem Contracting Algérie (Algiers - Algeria)

SA.LI.CO. (Tripoli - Libya)

Saipem (Vibo - Italy)

Saipem Contracting (Nigeria) (Lagos States - Nigeria)

Deepwater Engineering and Technology (Luanda - Angola)

Saipem 17

PROJECT

Complexity

Local Execution Engineering Centers

Size

Paris

EP(I)C HUBS

Milan Chennai Fano

BU E&C Typical Project Execution Strategy

Major Center leadership on large complex projects

Rome

Local leadership on small/medium projects

Saipem 18

Arbatax Yard - Italy

Rumuolumeni Yard - Nigeria

Pointe-Noire Yard – Republic of Congo

Soyo Yard – Angola

Ambriz Yard – Angola

Dammam Yard – Saudi Arabia

Karimun Yard – Indonesia

Kuryk Yard - Kazakhstan

Baku Yard - Azerbaijan

BOS Shelf Baku Yard, Azerbaijan

Kurik Yard, Kazakhstan

Soyo Yard, Angola

Saipem Assets: Fabrication Yards(*)

(*) Construction support facilities worldwide not included

Edmonton Yard – Canada Under construction

Ambriz Yard, Angola

Rumuolumeni Yard Port Harcourt, Nigeria

Guarujà Yard - Brazil

Karimun Yard, Indonesia

Guarujà Yard - Brazil

Edmonton Yard - Canada

Saipem 19

Castoro Sei

Field Development / SURF Lifting and DLB

Ultra-Heavy Lifting & deepwater pipelaying

Saipem 7000

Pipelaying

S355

Semac 1

Saipem FDS

Castoro 7

Castoro 2

(Under construction)

Saipem Assets: Offshore Construction Vessels

Castoro Otto

Saipem 3000

Saipem offshore fleet exceeds 40 units

Castorone

Saipem FDS 2

(Under construction)

Castoro 10

Saipem 20

Saipem 12000 (W.D.: 12.000 ft) Angola

Saipem 10000 (W.D.: 10.000 ft) Mozambique

Scarabeo 5 (W.D.: 6.500 ft) Norway – North Sea

Deep Water Units

Perro Negro 8 (W.D.: 350 ft) Italy

Perro Negro 7 (W.D.: 375 ft) Saudi Arabia

Perro Negro 6 (W.D.: 350 ft) Angola

Jack Up Units

Scarabeo 9 (W.D.:12.000 ft) Cuba

Scarabeo 8 (W.D.: 10.000 ft) Norway – North Sea

Selected Drilling Assets From a total of 24 wholly-owned offshore units and almost 100 onshore rigs

5824– Helioportable Rig – Ecuador/Perù

5898 – 1500 HP Desert Enviroment – Algeria/Arabia

5946 – 3000 HP Winterized Rig Kashagan Field - Kazakhstan

Onshore Units

Saipem 21

Contents

Highlights HSEQ

Business Units

Ownership and Financial Performance

Business Model Project Execution Centers, Fleet, Assets, Yards

Sustainability and Local Content

BU Engineering & Construction (°)

BU Drilling (°)

(°) Separate files

Saipem 22

Saipem Sustainability and Local Content Policies

Develop and invest in local project offices and assets

Project Management

Engineering

Procurement and Subcontracts with Local Suppliers

Prefabrication Yards

Local hiring – often in cooperation with regional universities

Local partnership development

Training, know-how transfer

HSE, medical training and assistance

To conduct the business in a responsible way

To create long-term value through social and economic growth

To effectively involve all stakeholders

Saipem 23

Historical Local Presence: Saipem in Nigeria

Strong and experienced local employer since the 1960s

Emphasizes local content by performing EPC contracts with as many local resources as possible

Personnel employed in Saipem Nigeria Ltd.

Rumuolumeni Base, Saipem prefabrication and construction support yard at Port Harcourt

Associated Gas Gathering SPDC Odidi Field, Niger Delta

GTL Chevron Nigeria Escravos

Okpai CCPP NAOC Okpai

Okwori Field Development Scarabeo 3 - Addax

OFP2 Jacket and OFQ Platform, Total E&P Nigeria Limited, Ofon Field (Rumuolumeni yard picture with similar project)

Saipem 24

Recent Success Story: Expansion in Algeria

Successful application of Saipem Business Model:

Expertise from European engineering centers

New Design and Management office in Algiers (12 to >700 employees in 48 months)

Operating base at Hassi Messaoud - continuous drilling presence since 1977

Hassi R’Mel Arzew LPG Pipeline

Arzew LNG GL-3Z UTBS, Hassi Messaoud

Saipem at Hassi Messaoud

Saipem Contracting Algerie

Hassi Messaoud, Drilling MLE

> 8 B € new project awards (2006-2010):

Hassi R’ Mel - Arzew LPG, and gas GK3 - lot 3 pipelines

Hassi Messaoud Stabilization Units (UTBS)

LPG 3 HM (Processing facilities at Hassi Messaoud)

LNG GL – 3 Z Arzew

Menzel Ledjmet East field and CAFC natural gas processing and export pipeline

Marine export terminal - Arzew

7 drilling rigs in operation

Saipem

Expanding Local Presence: Saipem in Canada

From a local office for first oil sands project, now a full service project execution center, with international project reach

Upstream Pipelines Refining Oil Sands processing Shale Gas

Developed dedicated construction company

Mastered local project execution requirements Modularization Climate impact, etc.

From 5 employees in 2007 to > 500 today (80% engineers)

Own prefabrication yard under development

Husky Oil, Sunrise Oil Sands Project, Central Processing Facilities

CNRL Horizon Upgrader Phase II

25

Saipem 26

Expanding Local Presence: Saipem in Iraq

Prequalifying and bidding with Iraqi companies and most IOCs present

Sajer, a JV with local partners, registred in Iraq since 2009

Baghdad Head Office (Int. Zone)

Basrah, Airport Facilities (Inside CoB Base)

Sajer Assets:

Rumailah: Camp, Logistics Base, Prefab Yard, Training Centre, Laydown Yard, Batching Plant

(Operational from 2011)

Rumailah Camp Facilities

Moving people and assets from other Saipem ME bases

Exploiting synergies with Kuwait, K.S.A., Dubai, etc.

Drilling Operations Technical service agreement to support Iraqi drilling

company

South Oil Company, Arabian Gulf, Crude Oil Export Expansion Project, Phase 2 (Picture of Castoro 8 installing similar platform)

Just awarded

First projects under way Onshore Upstream and Downstream process technology

Offshore Crude Oil Expansion Project Phase 2, South Oil Company

Saipem

From an occasional contractor in the past to permanent player today

4 major deepwater EPIC projects underway

One Leased FPSO in operation offshore Vitoria

3 rigs deployed for onshore drilling

Under development: scheduled completion to support recently acquired

projects

Guarujá Yard

FPSO Cidade de Vitoria

In operation

• Guara & Lula NE Pipelines • Lula NE – Cernambi

New flagship FDS2 and Castorone vessels, ideally suited for the installation of the Pre-Salt ultra-deepwater pipelines and flow lines, employed or to be employed in several ongoing projects

Developing new Guarujá Yard

Within the industrial hub of Santos, the largest port and industrial area in Brazil

Strategically located to support development of new ultra-deep water Pre-Salt fields

Fabrication of subsea and floating structures and supply of support services to the specialized fleet and project execution

(Picture of FDS2 vessel that will perform the offshore activities)

Tupi NE - Cabiunas

Just awarded

Investing in Local Presence: Saipem in Brazil

Just awarded: first high volume gas evacuation

system for the new Pre-Salt fields

(Picture of Castorone vessel that will perform the offshore activities)

Rio Polimeros Chemical Complex (completed in 2005)

Application of highly specialized ultra-deep water fleet

27