1

Financial Statement as at 30th June 2004Meeting with the Financial Community - London 10/12/2004

2

1. TREVI Group

2. Financial Data

3. Drilling Division

4. Foundation Division

3

Product diversification

Parking Sector

Operating activities Trevipark Operating systems

Drilling Sector

Oil Drilling Activities Oil, gas and water drilling rigs

Product diversification

Special Contractor ActivityGeotechnical EngineeringServices Foundation Rigs

CORE BUSINESS

Foundation sector

TREVI Group - Business Unit

4

Productive Synergies leading to continuous improvements

Investments in technological R&D to be competitive

Global Presence: rigs distributed in over 80 Countries and works in progress in 20 different Nations

Operative Flexibility

Excellent Reputation at worldwide level for more than 45 years

Key Aspects – TREVI Group

VERTICALINTEGRATION

SOILMEC Division – Design andmanufacture of rigs and equipment for

foundation engineering

DRILLMEC – Design and manufacture ofoil, geothermal and water drilling rigs

ENGINEERING DIVISION

Drilling ServicesServices forfoundationengineering

TREVI DIVISION

5

ArgentinaPilotes Trevi

VenezuelaPetreven C.A.Cifuven C.A.Trevi Cimentaciones C.A.

U.S.A.Trevi Icos Corporation (Boston)Trevi Icos South Inc.Wagner Construction J.V.TREVI/Rodio J.V. (Alabama)

MozambiqueProfuro Lda

NigeriaTrevi Foundations

Arab EmiratesSwissboring

OmanSwissboring

AlgeriaTrevi Algerie

PortugalTrevi Fundacoes LdaSwitzerlandSwissboring Piling Corp.HollandTrevi Contractors B.V.GermanySpezialtiefbau GmbHSwedenHercules TreviFoundations A.B.

Italy (Cesena)Trevi S.p.A.

TurkeyTrevi Insaat Ve M. A.S.

Hong KongTrevi Construction

PhilippinesTrevi Philippines Inc.

JapanSoilmec Japan

ChinaUff. RappresentanzaHong KongSoilmec H.K. Ltd

MalaysiaSMFE SDN BHDSingaporeSoilmec Far EastLtd

ItalySoilmec S.p.A. (Cesena)San MarinoI.D.T. SA (San Marino)U.K.Soilmec LtdHollandSoilmec Internat. B.V.

EgyptUff. rappresentanza

Global DistributionItalia (Piacenza)DRILLMEC S.p.A.

U.S.A.Soilmec BranhamInc.

TREVI Division

SOILMEC Division

DRILLMEC Division

ColombiaPetreven Colombia

6

1. TREVI Group

2. Financial Data

3. Drilling Division

4. Foundation Division

7

263,0

304,0

349,7 340,1

183,0

366,6408,0

167,7 177

364,0 E

0

50

100

150

200

250

300

350

400

1999 2000 2001 2002 giu-03 2003 2003* giu-04 giu-04** 2004 E

(millions of €)

Revenues

* Revenues at fixed exchange rate as at 31st december 2002** Revenues at fixed exchange rate as at 30th june 2003

8

44,3

16,2

38,4

9,8

36,6

24,1

13,6

43,8

18

21,7

13,5

25

34,4

11,3

0

20

40

60

80

100

120

140

160

180

200

1H 2003 1H 2004

Far East

Middle East

Africa

Latin America

U.S.A. andCanada

Rest of Europe

Italy

Var. 06/30/04 - 06/30/03: - 8,3%

183167,7

(millions of €)

Revenues

9

Revenues

Revenues 06/30/2003: 183 mln € Revenues 06/30/2004: 167,7 mln €

Special foundationrigs

Drilling rigs for oil,water and gas wells

13.021

Parking facilities1.759

Oil drillings5.342

Specialfoundation works

123.548

39.64613.914

473

5.661

108.052

39.325

Specialfoundation works

Oil drillings

Parking facilities

Special foundationrigs Drilling rigs for oil,

water and gas wells

10

258

100

195

101

211

117

0

50

100

150

200

250

300

350

400

06/30/2003 12/31/2003 06/30/2004

TREVI Group - Orders’ Portfolio

38

09.22.2004 - TREVI has been awardedwith a contract in Algeria for US$ 46

million

28%

72%

34%

66%

35%

65%

Drilling sector

(millions of €)

Foundation sector

11

DistributionDistribution per per product line product line

Oil drillings17,3%

Special foundation works

51,5%

Special foundation rigs

12,4%

Drilling rigs for oil, water and gas

wells18,2%

Parking sector0,6%

Latin America24,7%

Africa12,5%

U.S.A. and Canada

6,0%

Rest of Europe

4,7%

Middle East27%

Italy18,6%

Far East6,5%

TREVI Group - Orders’ Portfolio TREVI06/30/2004

Total amount: 327,8 millions of €

Geographical SplitGeographical Split

12

130,8

114,7

0

40

80

120

160

1H 2003 1H 2004

Year var. -12,3%

06/30/2004 - Geographical Split

Africa21,2%

Latin America10,6%

Rest of Europe0,8%

U.S.A. and Canada15,2%

Italy29,8%

Middle East20,5%

Far East1,9%

(millions of €)

Trevi Division - Revenues

EBITDA 1H 2004: 15,2 millions of €

Split data inclusive of Main Group’s consolidation

13

06/30/2004 - Geographical Split

55,8 57,5

0

20

40

60

80

1H 2003 1H 2004

Year var. +3,1%

Latin America 3,1%

U.S.A. and Canada

8,6%

Africa2,7%

Rest of Europe29,7%

Middle East20,5%

Italy19,1%

Far East16,3%(millions of €)

EBITDA 1H 2004: 2,4 millions of €

Engineering Division (Foundation and Drilling)Revenues

Split data inclusive of Main Group’s consolidation

14

06/30/2003 Var.06/30/200412/31/2003

167.746 182.995 (15.249)

5.139 (697) 5.836

794 1.189 (395)173.679 183.487 (9.808)115.614 114.979 635

1.288 1.747 (459)56.777 66.761 (9.984)38.764 43.334 (4.570)18.013 23.427 (5.414)

8.598 10.406 (1.808)2.154 1.952 2027.261 11.069 (3.808)

(3.521) (4.113) 592686 (2.347) 3.033(84) (54) (30)

57 (1.196) 1.253

4.399 3.359 1.040

318 (96) 4144.081 3.455 626

The result refers to net income before taxation

366.643

(1.727)

3.812368.728237.224

4.386127.118

85.80741.31120.090

4.50516.716(7.587)(2.498)

(93)(2.182)

4.3563.243

111.102

Key figures of the Group(in thousands of Euro)

TOTAL REVENUES

Changes in inventories of works in progress,Semifinished and finished productsAdditions to fixed assets by internal production

VALUE OF PRODUCTIONUse of raw materials and external servicesOther operating expenses ADDED VALUEPayroll and related contributionsEBITDAAmortization, depreciationWritedowns and provisionsEBITFinancial income (expenses)Net exchange differencesAdjustments to financial assetsExtraordinary income (expenses)

PRE-TAX RESULTIncome taxes for the yearMinority interestsCONSOLIDATED NET INCOME (LOSS)

15

Summary consolidated Balance Sheet

06/30/2003 Var.06/30/2004

3.137126.695

4.118133.950

81.38295.660

(87.060)(19.587)(11.084)

59.311

193.261

(9.596)

183.665

66.7603.478

113.427

183.665

12/31/2003

1,61

2.429 3.326 (897)131.310 132.441 (1.131)

4.111 5.624 (1.513)137.850 141.391 (3.541)

84.262 103.403 (19.141)103.834 97.351 6.483(96.293) (97.346) 1.053(24.062) (21.192) (2.870)

(2.851) (6.472) 3.62164.890 75.744 (10.854)

202.740 217.135 (14.395)

(9.825) (9.354) (471)

192.915 207.781 (14.866)

70.777 72.973 (2.196)3.666 3.785 (119)

118.472 131.023 (12.551)

192.915 207.781 (14.866)

1,59 1,71

A) Fixed assets - Intangible fixed assets - Tangible fixed assets - Financial fixed assets

B) Net working capital - Inventories - Trade receivables - Trade payables (-) - Advances (-) - Other assets (liabilities)

C) Invested capital minus current liabilities (A+B)

D) Employee termination indemnities (-)

E) NET INVESTED CAPITAL (C+D)

Financed by:F) Group stockholders’ equityG) Minority interests in capital and reservesH) Net financial position

I) TOTAL SOURCES OF FUNDS (F+G+H)

Debt/Equity Ratio

(in thousands of Euro)

16

(millions of €)

167,7 (-8,3%)

7,3 (-34,4%)

4,3%

74,4

183,0

11,1

6,05%

76,8

06/30/2004 06/30/2003

Main indicators at fixed exchange rate as at 30th June 2003

06/30/2004 (*)

1,59 1,71

1,106 1,140

18,0 (-23,1%)

10,7%

23,4

12,8%

4,1 3,5

4,5%

10,9%

8,0 (-27,9%)

19,3 (-17,5%)

177,1 (- 3,2%)

76,9

1,54

1,144

4,7

Fixed exchangerate as at 30th

June 2003

(*) The above data were calculated by assuming that consolidating operations would be carried out according tothe exchange rates as at 30th June 2003; the percentage of increase was calculated according to the one set asat 30th June 2003

Revenues

EBIT% Revenues

Total stockholders’ equity

Debt/Equity

Group’s net equity per share

EBITDA% Revenues

Result before tax

17

06/30/2003 12/31/2003 06/30/2004

Net consolidated financial positionDebt Structure

(milions of €)

(113.427)(131.023) (118.472) Net consolidated financial position

27.882

(82.247)

(11.819)

(41.409)

(23.430)

47.146

(45.029)

(12.584)

(73.537)

(29.423)

33.286

(74.545)

(12.703)

(37.615)

(26.895)

-180000

-120000

-60000

0

60000

Other medium/long term borrowings

Medium/long term bank loans

Short term liquid assets

Other short term borrowings

Short term bank loans

18

26,923,9

34,7

30,2

11,5

17,8

9,7

0

10

20

30

40

1999 2000 2001 2002 1H2003

2003 1H2004

Tangible Asset Net Investments Research and Development Costs

4,23,9

5,24,9

1,9

4,3

2,1

0

1

2

3

4

5

6

1999 2000 2001 2002 1H2003

2003 1H2004

(millions of €) (millions of €)

Tangible Asset Investments and R&D Costs

19

1. TREVI Group

2. Financial Data

3. Drilling Division

4. Foundation Division

20

Drilling Division: DRILLMEC S.p.A.Since 1st January 2004 Drillmec S.p.A. has acquired the drilling company branch fromSoilmec S.p.A., for the design, construction and sale of equipments to be used forwater, oil and geothermal well drilling.

DRILLMEC S.p.A.Gariga di Podenzano

(PC)

DRILLMEC - Planning and design of rigs forwell drilling, hydrocarbon extraction and

water research

SOILMEC DIVISION - Planning and designof rigs and machinery for soil engineering

21

Drilling Division - The History1987 Acquisition of Comasdue and Geoastra.

1992 Supply of 15 water systems to Lybia within the Great Main River project.

1994 Setting up of the Consortium SaiTre between Trevi and Saipem S.p.A. (ENI Group).

1996 Acquisition of Massarenti e Ballerini, with headquarter in Piacenza, a company specialised in the production of on-shore and off-shore drilling rigs.

1998-2000 About 70 water exploration equipments to be used in Iraq have been ordered(U.N. Programme “Oil For Food”).

1999 Acquisition of the mechanical workshops in Cortemaggiore fromSaipem S.p.A.

2000 Acquisition of Branham Industries, Houston (U.S.A.).

2000 Petreven starts the drilling activity in Venezuela on behalf of PDVSAand PETROBRAS.

2002 E.D.R.A. (European Drilling Rig Alliance) is established.

Petreven starts the drilling activity in Colombia on behalf of PETROBRAS

Environmental educationcourse organised by Petreven

- Colombia

22

Evoluzione degli impianti di perforazioneEvolution of Drilling Rigs

19th Century 20th Century 1998 ……the future

23

Market Outlook

•Remarkable growth in the worldwide energy demand

• Increase in the oil price

•Correlation between oil price and number of drilling rigs

Source: Bloomberg, Baker Hughes Rig Count450

950

1.450

1.950

2.450

2.95031

/01/20

0130

/03/20

0131

/05/20

0131

/07/20

0128

/09/20

0130

/11/20

0131

/01/20

0229

/03/20

0231

/05/20

0231

/07/20

0230

/09/20

0229

/11/20

0231

/01/20

0331

/03/20

0330

/05/20

0330

/07/20

0328

/09/20

0327

/11/20

0326

/01/20

0426

/03/20

0431

/05/20

0430

/07/20

04

(N°o

f rig

s)

0

5

10

15

20

25

30

35

40

45

(€/b

l)

N° of on-shore rigs Dated Brent Index

24

Hydraulic Hoist Type: force points

25

Drilling Services: case historyCampo Guando

In 2003, in “Campo Guando”, Colombia, the innovative andcompletely automated G 102 rig has been used for the drilling of31 wells.

AVERAGE COST PER WELL

DRILLING TIME PER WELL

MOVING TIME

MAINTENANCE

USD 1.300.000 USD 500.000

21 days 8 days

Every 2 months Every 12 months

7 days 1 day

Data supplied by ECOPETROL S.A. Colombia - Carta Petrolera nr. 108 2004

Impianto tradizionaleImpianto innovativo

Drillmec

Bogota: Campo GUANDO

26

Colombia

Rig G102Client PETROBRAS

Venezuela

Drilling Division – Rigs currently at workAn important job order has been acquired in Argentina from the Brazilian Energy Authority PETROBRAS.The contract amount is USD 45 millions, with a works’ duration covering a 5 years’ period.DRILLMEC S.p.A. will supply two innovative rigs, G 102, that will be used for the execution of the contract.

Rig HH300

Client PETROBRAS

20042005

HH300

Nr. 2 rigs G102

Client PETROBRAS

Argentina

G102

27

European Drilling Rig Alliance

Through the company E.D.R.A., DRILLMEC S.p.A., located in Piacenza, has been awarded bySonatrach (Algerian Energy Authority) with a delivery of nr. 4 oil drilling rigs for a total value ofUSD 91,3 millions. The share belonging to DRILLMEC amounts to USD 46,7 millions.

E.D.R.A. (European Drilling Rig Alliance) makes recourse to the European technologies in the Oil &Gas drilling sector.Through E.D.R.A., Drillmec can offer complete, turn-key rigs on the market.

Partners

28

Drillmec

Wirth

Technological Content

Con

trac

tual

Pow

er

US MarketLeader

Market strategies

Main areas of interest:

- North Africa

- Middle East

- IRAN

- CHINA

Bentec

29

1. TREVI Group

2. Financial Data

3. Drilling Division

4. Foundation Division

30

Main European Policy Lines - Source: Ministry for Infrastructures and Transports

Amendment of the Merloni Skeleton Law

Obiettivo Law: first there has been the approval of the devolution to the Government and subsequently

of the same law (easier bureucratic procedure and higher unitary tenders)

The Chamber has approved the amendment that re-writes art. 117 of the Constitution and that brings

back to the central Government some exclusive competences, particularly interesting to us:

1) “Large-scope strategic networks for transport and navigation at national level (hence overcomingthe conflict of interest between State and Regions, which had slackened the approval procedure).

2) “Protection of competition and common market organizations”

Italy - Evolution of the law context

•Skeleton Law AAPP. (“MERLONI”)

•Law Obiettivo

•Effects of the Reform implied by the 5th title ofthe Constitution

Regulations

31

FINANCIAL ACT 2005 CIPE 29-09-2004

•As per the Obiettivo Law, € 182 millions havebeen allocated and will enable to obtain loansfor about € 2 billions for already approvedcontract works.

•The amount already allocated for 2006 wasconfirmed, that is € 239 millions, with thepossibility of activating investments for € 2,6billions.

•Resources for € 450 millions have beenconfirmed in order to cover the yearlyinstallment of the loans already activated or inthe course of being approved, for the workscovered by the Obiettivo Law that have beenapproved by Cipe, covering a total amount of 5billions.

Distribution of resources as per Financial Act2004 and 2003:

-Distribution of € 12,3 billions for the Fas (Fundfor poorly exploited areas) for the year 2004, withthe allotment of € 1,1 billions for the workscommitted by the Obiettivo Law

-- Allocation of € 1,7 billions taken out from thefunds prescribed by the Obiettivo Law. Other €1,7 billions were already available.

-- Approval of the 2nd and 3rd addendum to thecontract for the programme 2001-2005, with RFI;allocation of resources for a total amount of €11,7 billions.

- Green light given to the Ispa financing to thetwo High Speed Sections Milan - Genua (€ 4,4billions) and Milan-Verona (€ 4,22 billions)

Projects’ approval:

- Approval of 18 works within the Obiettivo Lawthat were interrupted at the beginning of theyear. Among them: MO.SE. in Venice, two linesof the Milan underground and a large-scope Lotof the Salerno-Reggio Calabria Motorway.

Obiettivo Law - it slackens the process but itdoesn’t stop it -

32

Bridge on the Messina strait

SPECIAL FOUNDATION WORKS for Towers, Anchoringblocks, End structures

BID CRITERIA:

-45% price

-15% organization

-15% technical-aesthetical value of thevariants

-10% use/maintenance cost

-5% reduction of execution times

-5% increased pre-financing amount

-5% increased amount of awardedcontractors

Estimate by TREVI: special foundation works for 238 millionsof Euro

Akashi Kaikyo Bridge - Japan

33

Italy: lease of RODIO company’s branchThe contract for the leasing of the company branch of “Ing. Giovanni Rodio & C. – ImpresaCostruzioni speciali S.p.A.” (commonly referred to as RODIO) has been signed. Rodio is an historicalname in the Italian foundation sector.

TREVI’s management/purchasing optionRodio Italy

Rodio International

Nicholson U.S.A.

Rogeo Switzerland

Incorporated in TREVI

TREVI’s managerial support

TREVI’s managerial support

34

Principali Joint Venture TREVI - RODIO

Biblioteca Alessandrina - Egitto

Diga Walter F. George - Alabama

Diga Khao Laem - Tailandia

Diga Piedra de Aguila - Argentina

Torre di Pisa

35

SOILMEC: focus on the core businessfoundationsIntroduction of new models in order tostrengthen the presence of the company inthe top level market range

-R1240 : torque 40.000 kgm installed power 500 HPweight 120 ton

-R725: torque 25.000 kgm installed power 400 HPweight 75 ton

Completion of the range of cranesspecialised in the execution of foundations

SM100 and SM120 complete the range of models alreadymarketed, with a capacity ranging from 20 to 80 tons. -SM120: pull 120 ton

installed power 630 HPweight120 ton

36

Increase of the Work’s Portfolio far beyond thehistorical average – more than 5 months of

production are covered.

SOILMEC: focus on the core business:foundations

Opening of new markets with less competition

- Operativeness of the agreement with the German company Wirth- Exploitation of synergies with the Group (i.e. development of themarket in the United Arab Emirates)

Continuity in R&D

Standardisation of the productive range

- Containment of production costs- Reduction of leftovers in the warehouse

37

Car park managementUp to now:

•10 automated TREVIPARK car park have been executed, for a total number of 850 car stalls

•10.369 car stalls in traditional car parks that are managed by means of the innovative TREVIPARK system

•Signature of the agreement with Shimnit Infrastructures Ltd (India), for the Know-how transferconcerning TREVIPARK mechanised car parks. The turnover expected for the next two years will beabout € 2.000.000.