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SAIPEMTODAYONE WORD, ONE WORLDSkills, Assets, Innovation, People, Environment,Market

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COMPANY PROFILESAIPEM IS ONE OF THE LARGEST AND MOST

BALANCED 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 leader

in the supply of engineering,

procurement, project management

and construction services with

distinctive capabilities in the design

and execution of large-scale offshore

and onshore projects.

Saipem is organised into two Business

Units: Engineering & Construction and

Drilling. 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 challengingprojects - activities in remote areas,

deepwater, gas, difficult oil.

Its drilling services continue to be

distinctive, operating in many of the

oil and gas industrys 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, MiddleEast, 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 40,000 people

from more than 120 nationalities with

sizeable operational service bases in

India, Croatia, Romania and Indonesia.

Its clients and its people - in particular

their health and safety - are the

primary focus of all Saipems activities.

Saipem has a distinctive Health &

Safety Environment and Quality

Management System.

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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 thedifferent phases of the project: normally

referred to as EPC - Engineering /

Procurement / Construction - project

in the onshore business and EPCI -

Engineering / Procurement /

Construction / Installation - project

in 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

has an industrial model that allows

it to perform or control, in-house,

the most critical project activities:

Engineering, Construction and

Installation. Maximising local content

is also an essential part of the model

in 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.

4

INDUSTRIAL MODEL

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Tr

V

Subsea Construction

essel

SAIPEM

7000

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ENGINEERINGAND CONSTRUCTION

Following the acquisition of several

engineering companies over the last

years, most prominently ofSnamprogetti, Bouygues Offshore and

Sofresid, Saipem has become one of

the worlds largest engineering and

construction companies, serving

primarily the oil & gas, refining and

petrochemical markets onshore and

offshore, as well as a number of

diversified industrial ones, such as

environment, infrastructure, marine

terminals, etc.

Saipem offers a complete range of

project definition and execution

services, particularly for the mega-

projects required by the market

today: from feasibility and front end

studies to design, engineering,

procurement, construction and

installation. Saipem also excels in thesupply 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

Saipems 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 harshenvironmental conditions and very

challenging logistics. Through a vast

grid of offices, engineering centres,

fabrication yards, logistic bases and a

strong, technologically advanced

and highly-versatile offshore

installation fleet, Saipem is among

the 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 maximizing 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

maximizing 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

industrys hotspots, frequently in

synergy with the Groups other

construction activities.

Saipem operates both in shallow

and 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 andScarabeo 7. Saipem has recently

launched an ambitious programme

of expansion of its drilling fleet.

Saipem will double its presence in the

deep water segment and will increase

by 50% the shallow water segment

thanks to the start of the operation

of the ultra deepwater sixth

generation semisubmersible drilling

units Scarabeo 8 and Scarabeo 9.

Over the last years the expansion

program has also regarded the

onshore assets, which currently

include around a hundred rigs with

different capacities.

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DRILLING

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People, Skills, Equipment.

Saipem S.p.A.

Via Martiri di Cefalonia, 67 - 20097 San Donato Milanese, Milan - Italy

Tel. +39.02.520.1 - Fax +39.02.520.44415

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

04.

2011