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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
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0
Jun
-01
De
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1
Jun
-02
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2
Jun
-03
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Jun
-04
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-05
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-06
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-08
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Jun
-11
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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