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The Complete Oil & Gas Services ProviderMay 2011 P110520

Contents 2 ƒ Highlights ƒ Business Units ƒ Ownership and Financial Performance ƒ Business Model ƒ Project Execution Centers, Fleet, Assets, Yards ƒ Sustainability and Local Content ƒ HSEQ ƒ BU Engineering & Construction (°) ƒ BU Drilling (°) (°) Separate files Saipem

Saipem HighlightsLeading Global EP(I)C General Contractorƒ 2010 Revenues 11.2 B€End-of-2010 Backlog 20.5 B€ƒ 40,000 employees, of which ƒ Full service EP(I)C provider 7,000 Engineers & Project Managersƒ Operating in more than 70 countries, ƒ Distinctive ‘frontier focus’ in more than 50 permanent establishments, Oil & Gas industries employees from 122 nationalities ƒ Most modern, technologicallyƒ Key local employer and investor advanced offshore construction fleet in strategic markets ƒ Designed and built: ƒ Over 90 grass roots complexes, 1,700 process units ƒ Over 120,000 km of land pipelines, sealines and trunklinesƒ High quality drilling player onshore and in niches offshore ƒ In the last decade, more than 100 offshore EPIC projects, including groundbreaking deepwater achievementsƒ Drilled over 7,300 wells of which 1,800 offshore Saipem 3

Global Presence with a Multilocal Emphasis Human Resources 39,249 employees of 122 nationalities (°) Italy Nigeria 17% 11% Others <2% India 17% 9% Malaysia Kaz akhstan 2% 8% Saudi Arabia Philippines 2% 6% Indonesia UK Perù Algeria Venez uela France 2% 2% 4% 5% 5% 6% Angola 4% Paris Milan Rome Fano ChennaiEP(I)C HubsEngineering CentresYards & Main Logistic BasesOther Main Areas and Rep. Offices (°) December 31, 2010 Saipem 4

Global Business Units Engineering and ConstructionLeader in Deepwater, Leader in EPC, Large EPIC Projects Mega Projects Onshore • Oil & Gas Productionƒ Sealines • Gas Processing, LNG, GTL, GTSƒ Subsea Field Development • Import/Export Terminalsƒ Fixed Facilities • Pipelines and Oil & Gas Transportationƒ Floatersƒ Subsea Services via Remote Technologies Systems • Refineries, Heavy Oils Conversion, Chemical Plants DrillingOffshore high quality niche player & Onshore frontier focusOffshore Drilling Onshore Drilling Saipem 5

Company Organization Chairman of the Board A. Meomartini Chief ExecutiveOfficer (CEO) P. F. Tali Deputy Chief Executive Officer H. J. O’ Donnell Chief Financial Human Resources, Engineering and Drilling Quality, Health, Assets Planning Officer Organisation Construction Business Unit Safety, Environment and Intellectual and ICT Business Unit G. Bozzini G. Caselli and Sustainability Property D. Gallinari P. Varone S. De Sanctis Management Legal AffairsGeneral Counsel Internal Audit Industrial Risk and M. Lanzo Opportunity and P. Galizzi A. Riva Knowledge Procurement Management Company Affairs A. Gebbia P. Daleffe G. Bozzini Group Country Manager Integrated Kazakhstan Projects S. Bianchi G. Caselli Saipem 6

Contents 7 ƒ Highlights ƒ Business Units ƒ Ownership and Financial Performance ƒ Business Model ƒ Project Execution Centers, Fleet, Assets, Yards ƒ Sustainability and Local Content ƒ HSEQ ƒ BU Engineering & Construction (°) ƒ BU Drilling (°) (°) Separate files Saipem

Saipem Ownership and Stock Performance SSaaiippeemm SSttoocckk PPrriiccee vvss.. FFTTSSEE MMIIBB saipem Saipem Stock, € FTSE MIB Index 40 Ownership 35 300.000 30 250.000eni 25 200.000 20 150.000 43% 15 100.000 10 50.000 57% 5 0 0 PPuubblliicc Dec '00 Jun '01 Market Cap. € 16.3 Billion Dec '01 @ Dec 31, 2010 Jun '02 Dec '02 Listed on Milan Stock Exchange Jun '03 Dec '03 Jun '04 Dec '04 Jun '05 Dec '05 Jun '06 Dec '06 Jun '07 Dec '07 Jun '08 Dec '08 Jun '09 Dec '09 Jun '10 Dec '10 Saipem FTSE MIB Index Saipem 8

Financials (M€) New Contract Acquisitions Backlog Revenues 20505 Saipem Group Business Units (*) 1064 Onshore Onshore 19105 18730 Offshore Offshore 1463 1487 3354 E&C Drilling 15436 3759 3378 701 13860 11845 1197 12935 12863 3417 760 635 265 376 11160 326 10708 2247 9917 10094 10292 688 338 1644 10543 750 578 9318 435 554 585 9201 8035 566 2230310 472420 7522 7325 7744260 5236 7049365 5324 4831 3665 6058 3508 5125 6070 4487 5544 4341 4486 3653 3496 4381 5089 4600 4182 4215 4682 5430 3463 386331922006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 (*) Organizational model after March 2011 9 Saipem

Major Global E&C Companies in Oil & Gas MarketsRevenues in 2010 (B €) (+) Bechtel () (o) Fluor () () () SSaiipem KBR () Oil & Gas businesses Non Oil & Gas diversified businesses Jacobs () (+) 2010 exchange rate averages Technip (o) Oil & Gas value estimated Aker Solutions 246Worley Parsons ( ) Different 2010 fiscal years JGC 8 10 12 14 16 18 20 22 24 Subsea 7 Petrofac Saipem Foster Wheeler CB&I ChiyodaMaire Tecnimont SBM Offshore McDermott Uhde Toyo Eng 0 10

Balanced Exposure to Oil & Gas Industry: Backlog Analysis (As of 31 Dec. 2010)BY GEOGRAPHIC AREA BY CLIENT 13% 5% Middle East 4% 3% Major/Supermajor 4% America 36% Independent Asia Pacific16% North Africa National West Africa 27% Europe 57% Others CIS 17% 18% BY COUNTRY WITH BY EP(I)C CONTRACT VALUE(+)MAJOR ’LOCAL-CONTENT’ FOCUS 5% 4% Algeria >1000 M€ 5% 500 < <1000 M€ 7% Saudi Arabia 13(°) 60(°) <500 M€15% Kazakhstan (+) At award time 64% Angola Nigeria 7(°) Others (°) N°. of contracts Saipem 11

Contents 12 ƒ Highlights ƒ Business Units ƒ Ownership and Financial Performance ƒ Business Model ƒ Project Execution Centers, Fleet, Assets, Yards ƒ Sustainability and Local Content ƒ HSEQ ƒ BU Engineering & Construction (°) ƒ BU Drilling (°) (°) Separate files Saipem

Complete Range of EPC/EPIC ServicesFeasibility Studies Project Definition Engineering, Start-up and Revamps, Procurement, Commissioning Upgrades, Technology Basic Design, Project Management, Modernization Licenses Front End Construction, Lease and Operate Decommissioning Installation Maintain and Operate Env. Remediation ƒ Targeting also the most challenging and technologically advanced projects, offshore and onshore ƒ Emphasis on maximizing local presence and content ƒ Superior capabilities for harsh, remote and difficult environments ƒ Customized project and contracting solutions EPC LSTK EPIC T&I Cost-plus Convertible Lease & Operate Saipem 13

Saipem Business ModelSupply of complex solutions for even the largest and mostchallenging EP(I)C projectsutilizing our global integrated network of assets and resourcesMMoosstt MMooddeerrnn Top Quality Technical Most Modern VesselsAAsssseettss aanndd Project Execution InnovationTTeecchhnnoollooggiieess CentresGGlloobbaall IInntteeggrraatteedd Highly Competitive Overall Global ProcurementNNeettwwoorrkk ooff Engineering ProjectSSkkiilllleedd RReessoouurrcceess Centers Management in Emerging EconomiesLLooccaall Local Engineering Construction: Fabrication YardsCCoonntteenntt and Direct Hiring andMMaaxxiimmiizzaattiioonn Workforce Employement and Local Logistic Bases Subcontracts Saipem 14

Saipem Engineering Centers SOFRESID ODE Moss Maritime Saipem UK Eng Snamprogetti Ltd.Engineering Centre Offshore Oil & Gas LNG & Floaters SURF, Structural Engineering Centre & Installation Eng. (Basingstoke - UK) (French Regional (London - UK) (Oslo - Norway) (London, Aberdeen - UK) Offices)Snamprogetti Canada Snamprogetti Inc. Romania (Calgary - Canada) Engineering Centre (Bucharest - Romania) Saipem Energy EP(I)C HUBS SMS Services Design & Installation Milan Rome Fano Paris Chennai Offshore EngineeringOffshore Engineering (Milan - Italy) (Rijeka - Croatia) Saipem Spa Rome New Delhi Process Execution Centre Centre (Rome, Vibo - Italy) (New Delhi - India) Saipem Saipem Libya Co. Saipem Contracting Saipem Sharjah PT Saipem Indonesia Contracting Tripoli Nigeria Ltd. Engineering Centre Offshore O&G Algérie (Tripoli - Libya) (Lagos States - Nigeria) (Sharjah - UAE) (Jakarta - Indonesia)(Algiers - Algeria) >>77,,000000 EEnnggiinneeeerrss && PPrroojjeecctt MMaannaaggeerrss WWoorrllddwwiiddee Saipem 15

BU E&C Typical Project Execution Strategy ComplexityMMaajjoorr CCeenntteerr EP(I)C HUBSlleeaaddeerrsshhiippoonn Milan Fano Rome Paris Chennaillaarrggee ccoommpplleexxpprroojjeeccttss Local Execution Engineering Centers LLooccaall Yards & Main Logistic Bases SOFRESID ODE Moss Maritime Saipem UK Eng Snamprogetti Ltd. lleeaaddeerrsshhiipp Other Main Areas and Rep. Offices Engineering Centre Offshore Oil & Gas LNG & Floaters SURF, Structural Engineering Centre oonn & Installation eng. (Basingstoke - UK) ssmmaallll//mmeeddiiuumm (French Regional (London - UK) (Oslo - Norway) (London, Aberdeen - UK) pprroojjeeccttss offices) Snamprogetti Canada Snamprogetti Inc. Romania (Calgary - Canada) Engineering Centre (Bucharest - Romania) Saipem Energy EP(I)C HUBS SMS Services Milan Rome Fano Paris Chennai Design & Installation Offshore Engineering Offshore Engineering (Milan - Italy) (Rijeka - Croatia) Saipem Spa Rome New Delhi Process Onshore Technical Center Services Center (New Delhi - India) (Rome, Vibo - Italy) Saipem Libya Co. Saipem Contracting Saipem Sharjah PT Saipem Indonesia Saipem Tripoli Nigeria ltd Engineering Centre Offshore O&G Contracting (Tripoli - Libya) (Lagos States - Nigeria) (Sharjah - UAE) (Jakarta-Indonesia) Algérie (Algiers - Algeria) PROJECT Size Saipem 16

Fabrication Yards(*) Kurik Yard, KazakhstanEdmonton Yard – Canada BOS Shelf Baku Yard,Under construction Azerbaijan Rumuolumeni Yard Arbatax Yard - Italy Kurik Yard - KazakhstanPort Harcourt, Nigeria Baku Yard - Azerbaijan Dammam Yard – Saudi Arabia Karimun Yard – Indonesia Under construction Rumuolumeni Yard - Nigeria Pointe-Noire Yard – Republic of Congo Soyo Yard – Angola Ambriz Yard – AngolaAmbriz Yard, Angola Soyo Yard, Angola Karimun Yard, Indonesia (under construction) (*) Construction support facilities worldwide not included Saipem 17

Selected Offshore Construction Vessels (Under construction)Saipem offshore fleet exceeds 40 units Ultra-Heavy Lifting Field Development / SURF& deepwater pipelaying Lifting and DLB (Undergoing Sea Trials) Castoro OttoSaipem 7000 FDS 2 Saibos FDS Saipem 3000 Semac 1 (Under construction) Pipelaying Castoro Sei Castoro 7Castorone Castoro 10 Castoro 2 S355 Saipem 18

Selected Drilling AssetsFrom a total of 24 wholly-owned offshore units and almost 100 onshore rigsDeep Water Units Jack Up Units Onshore Units (Under construction) Scarabeo 9 (W.D.:12.000 ft) Perro Negro 8 (W.D.: 350 ft) 5898 – 1500 HP Angola / Cuba Italy Desert Enviroment - AlgeriaSaipem 12000 (W.D.: 12.000 ft) (Under construction) 5946 – 3000 HP Winterized RigAngola Kashagan Field - Kazakhstan Perro Negro 7 (W.D.: 375 ft) Saudi Arabia Scarabeo 8 (W.D.: 10.000 ft) Norway – North SeaSaipem 10000 (W.D.: 10.000 ft)Australia Scarabeo 5 (W.D.: 6.500 ft) Perro Negro 6 (W.D.: 350 ft) 5824– Helioportable Rig - Ecuador Norway – North Sea Angola 19 Saipem

Contents 20 ƒ Highlights ƒ Business Units ƒ Ownership and Financial Performance ƒ Business Model ƒ Project Execution Centers, Fleet, Assets, Yards ƒ Sustainability and Local Content ƒ HSEQ ƒ BU Engineering & Construction (°) ƒ BU Drilling (°) (°) Separate files Saipem

Saipem Sustainability and Local Content PoliciesTo conduct the business To create long-term value To effectively involvein a responsible way through social and economic all stakeholders. growthƒ Develop and invest into local project offices and assets ƒ Engineering ƒ Project Management ƒ Prefabrication Yards ƒ Procurement and Subcontracts with Local Suppliersƒ Local partnership developmentƒ Training, know-how transferƒ Local hiring – often in cooperation with regional universitiesƒ HSE, medical training and assistance Saipem 21

Historical Local Presence: Saipem in Nigeria ƒ Strong and experienced local employer since the 1960s ƒ Emphasizes local content by performing EPC contracts with as many local resources as possiblePersonnel employed in Saipem Nigeria Ltd. GTL Okpai CCPP Chevron Nigeria NAOC Escravos OkpaiRumuolumeni Base, Saipem prefabrication and Associated Gas Gathering Okwori Field Developmentconstruction support yard at Port Harcourt SPDC Scarabeo 3 - Addax Odidi Field, Niger Delta 22 Saipem

Recent Success Story: Expansion in Algeria ƒ Successful application of Saipem Business Model: ƒ Expertise from European engineering centers ƒ New Design and Management office in Algiers (12 to >700 employees in 48 months) ƒ Operating base at Hassi Messaoud - continuous drilling presence since 1977Saipem Contracting Algerie ƒ > 8 B € new project awards:Saipem at Hassi Messaoud ƒ Hassi Messaoud Stabilitation Units (UTBS) ƒ Hassi R’ Mel - Arzew LPG, and gas GK3 - lot 3 pipelines ƒ LNG GL – 3 Z Arzew ƒ LPG 3 HM (Processing facilities at Hassi Messaoud) ƒ Menzel Ledjmet East field and CAFC natural gas processing and export pipeline ƒ Marine export terminal - Arzew ƒ 7 drilling rigs in operationHassi Messaoud, Drilling UTBS, Hassi Messaoud Hassi R’Mel Arzew LPG Arzew LNG GL-3Z MLE Pipeline Saipem 23

Expanding Local Presence: Saipem in Canadaƒ From a local office for first oil sands project, now a full service project execution center, with international project reach ƒ Upstream ƒ Pipelines ƒ Refining ƒ Oil Sands processingƒ >300 engineers to dateƒ Developed dedicated construction companyƒ Mastered local project execution requirements ƒ Modularization ƒ Climate impact, etc.ƒ Own prefabrication yard under developmentƒ Husky Sunrise Just awardedCentral Processing FacilitiesSaipem 24

Expanding Local Presence : Saipem in IraqRumailah Camp Facilities ƒ Sajer, a JV with local partners, registred in Iraq since 2009 ƒ Sajer Assets: ƒ Baghdad Head Office (Int. Zone) ƒ Basrah, Airport Facilities (Inside CoB Base) ƒ Rumailah: Camp, Logistics Base, Prefab Yard, Training Centre, Laydown Yard (Operational from 2011) ƒ Moving people and assets from other Saipem ME bases ƒ Exploiting synergies with Kuwait, K.S.A., Dubai, etc. ƒ First projects under way (Confidential) ƒ Upstream Just ƒ Downstream, process technology awarded ƒ Drilling Operations ƒ Technical service agreement to support Iraqi drilling company ƒ Prequalifying and bidding with Iraqi companies and most IOCs present Saipem 25

Contents 26 ƒ Highlights ƒ Business Units ƒ Ownership and Financial Performance ƒ Business Model ƒ Project Execution Centers, Fleet, Assets, Yards ƒ Sustainability and Local Content ƒ HSEQ ƒ BU Engineering & Construction (°) ƒ BU Drilling (°) (°) Separate files Saipem

HSEQ – Top Saipem PriorityThe Leadership in Health & Safety Program Winner of Five International Film Awards (London, Rome and New York Film Festivals) 300 Saipem Group Safety 6,00 Performance 2005 - 2010 5,00 250 4,70 million manhours200 4,00 LTI Frequency Rate 150 2,34 2,33 3,00 100 1,55 1,93 1,74 1,21 0,50 2,00 50 2008 1,71 0,84 0,71 0,48 0,48 1,00 0 0,4 0,00 2005 2010 2006 2007 2009 worked manhours LTI Frequency Rate TRI Frequenc y Rate LTI Target Frequency Rate TRI Target Frequenc y RateSaipem 27