EVERYW ENERGY EVERYW SAIPEM

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1 SAIPEM AT A GLANCE

2 EVERYW ENERGY EVERYW SAIPEM SAIPEM, 43% OWNED BY ENI, IS ORGANISED IN THREE BUSINESS UNITS: OFFSHORE, ONSHORE AND DRILLING, WITH A STRONG BIAS TOWARDS OIL AND GAS RELATED ACTIVITIES IN REMOTE AREAS AND DEEPWATER. SAIPEM IS A LEADER IN THE PROVISION OF ENGINEERING, PROCUREMENT, PROJECT MANAGEMENT AND CONSTRUCTION SERVICES WITH DISTINCTIVE CAPABILITIES IN THE DESIGN AND THE EXECUTION OF LARGE-SCALE OFFSHORE AND ONSHORE PROJECTS, AND TECHNOLOGICAL COMPETENCES SUCH AS GAS MONETISATION AND HEAVY OIL EXPLOITATION. 2

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4 SAIPEM HISTORY AND DEVELOPMENT SAIPEM IS NOW A WORLD LEADER IN THE OIL AND GAS CONTRACTING SERVICES SECTOR, BOTH ONSHORE AND OFFSHORE. THE COMPANY BEGAN OPERATIONS IN THE 1950s. DURING THE 50s AND 60s IT ACCUMULATED COMPETENCES IN ONSHORE PIPELAYING, PLANT CONSTRUCTION AND DRILLING, OPERATING INITIALLY AS A DIVISION OF THE ENI GROUP AND THEN ON A STAND-ALONE BASIS, BECOMING DEFINITIVELY AUTONOMOUS IN OFFSHORE OPERATIONS COMMENCED IN THE MEDITERRANEAN IN THE EARLY 1960s AND EXPANDED TO THE NORTH SEA IN The Company started offering its services to customers outside the Eni group in the early 1960s and progressively widened its customer base to include almost all the supermajors, majors, major nationals and independent oil and gas companies worldwide. Saipem has been listed on the Milan Stock Exchange since 1984 (having previously been a wholly owned subsidiary of Eni). Eni currently owns approximately 43% of Saipem. Saipem has always invested in the vessels, equipment and facilities to perform most of its own work. Over the last decade, with the migration of the business towards more extreme environments in developing countries, this investment has accelerated 4 strongly. The primary areas of investment include field development, pipelaying, deepwater drilling, leased floating production storage and offloading (fpso), harsh environments and subsea robotics. Saipem has led the trend in boosting local content by developing impressive facilities in West Africa, FSU and Middle East*. As a result, Saipem s fleet and facilities are perhaps the most technologically advanced and efficient in the industry. While developing its vessels, equipment and facilities for the strong frontier market trend, in 2001, the Company started to reinforce its engineering and project management capabilities to cope with the other important market trend towards large offshore EPIC projects. This was achieved principally through a number of acquisitions, culminating in the acquisition of Bouygues Offshore in This was the largest cross-border acquisition in Europe in the oil services sector and created a formidable international EPIC contractor with a strong offshore bias and a very wide, mainly international, oil company client base. Responding to the recent industry trend towards large onshore EPC projects, including those related to gas monetisation, exploitation of difficult oil (heavy oil, tar sands, etc.), and in order to strengthen its position in the Middle East and its national oil company client base, in 2006 Saipem acquired Snamprogetti.

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6 SAIPEM TODAY SAIPEM IS THE LARGEST, MOST POWERFUL, MOST INTERNATIONAL AND BEST BALANCED TURNKEY CONTRACTOR IN THE OIL AND GAS INDUSTRY. LNG Carrier Liquefaction Plant Compressor Station GOSP Refinery Semisubmersible Pipelaying Vessel Drilling Rig Petrochemical Plant Saipem 7000 Yard Sircos - Pipeline Repair System Beluga - Deepwater Trenching Machine

7 FSRU FPSO Drill Ship Field Development Ship Subsea Construction Vessel Regasification Plant Pipelaying Power Plant Gas-to-Solids Semisubmersible Drilling Rig The organisation, while providing many different kinds of services - including specialised services and maintenance, modification and operations - has been rationalised into three global business units: Onshore, Offshore, Drilling. It enjoys a superior competitive position for the provision of EPIC/EPC services to the oil industry both onshore and offshore; with a particular focus on the toughest and most technologically challenging projects - activities in remote areas, deepwater, gas, difficult oil. Its drilling services continue to be distinctive, operating in many of the oil and gas industry s hotspots, frequently in synergy with the Group s onshore and offshore activities. The new Group is a truly global contractor, with strong local presence in strategic and emerging areas such as West Africa and FSU, Central Asia, Middle East, North Africa 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 30,000 people comprising more than 100 nationalities. In addition to the strong local content of its people, it employs large numbers of people from the most cost effective developing countries on its vessels and sites, and has sizeable service bases in India, Croatia, Romania and Indonesia*. Our clients and our people - in particular their health and safety - are the primary focus of all Saipem activity. Saipem has a distinctive Health & Safety Environment Management System and its Quality Management System has been granted ISO 9001:2000 certification by Lloyd's Register Certification. * Saipem has recently decided to invest in large new fabrication facilities in Damman, Saudi Arabia, and Karimun Island, Indonesia. 7

8 SAIPEM MISSION AND CORE VALUES SAIPEM IS PRESENT IN THE FIVE CONTINENTS. MISSION STATEMENT Pursuing the satisfaction of our clients in the energy industry, we tackle each challenge with safe, reliable and innovative solutions. We entrust our competent and multi-local teams to provide sustainable development for our company and the communities in which we operate. CORE VALUES Commitment to safety, integrity, openness, flexibility, integration, innovation, quality, competitiveness, teamwork, humility, internationalisation. 8

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10 OFFSHORE CROSSING OCEAN AND SEA, SAIPEM S OFFSHORE ACTIVITIES ARM HAS BUILT A GLOBAL REPUTATION AS ONE OF THE TRUE INNOVATORS IN ITS FIELD. From early projects such as the laying of the 510 km Transmed gas pipeline in water depths down to 618 m from Tunisia to Italy, through to the complex deepwater J-lay works of Diana-Hoover development in the US Gulf and Kizomba A and B in Angola for ExxonMobil, Saipem continues to respond to the offshore industry s changing demands. Having handled groundbreaking projects ranging from inter-field flowlines to major trunk line systems totalling some 23,000 km in length since the late 1950s, the Company has continually updated and advanced its capabilities to anticipate the ever greater demands of the market. Laying over 750 km of 24 thick wall gas trunk line in water depths as great as 2,150 m in J-lay mode, using the Saipem 7000, as part of the Blue Stream project in the Black Sea, and 540 km of 32 in S-lay mode to a depth exceeding 1,100 m, using the Castoro Sei, as part of the Greenstream project linking Libya and Italy has set new standards for the sector. Saipem s pioneering work in pipeline installation is matched by its experience installing offshore platforms around the world, mastering both the heavy lift and the float-over techniques, and establishing new records for the industry, such as the 12,150 t Sabratha deck combined lift performed by the Saipem 7000 in Libya, the Buzzard 11,000 t combined lift in dynamic positioning performed by the Saipem 7000 in the UK, and the float-over of the 21,800 t deck of Lunskoye-A platform, Sakhalin II. Over the last ten years, Saipem has completed some 120 offshore construction projects including modular deck drilling and production platforms, integrated deck platforms, wellhead platforms, accommodation platforms, FPSOs often, and increasingly so, in an integrated contractor role. Since the 1970s, Saipem has also been involved in the construction of marine terminals, conventional buoy moorings, jetties and piers. The engineering and project management expertise, aimed at increasing the Group s capability to carry out EPIC (Engineering, Procurement, Installation, Construction) contracts, has been fostered also through some acquisitions, the most significant being the one of Bouygues Offshore in 2002, and the one of Snamprogetti in Through such acquisitions Saipem has expanded its offshore engineering and project management resources, that now amount to 1,200 people. 10

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13 FPSO (Floating Production Storage and Offloading) units are part of Saipem s Offshore Construction line of products, both as newbuilts delivered turnkey to the customer, and as tanker conversions leased to and operated for the customer. Saipem s track record for newbuilt FPSOs includes the participation to the Girassol FPSO project for Elf Angola, and the EPCI of the Erha FPSO for ExxonMobil Nigeria. The activity in the leased FPSO segment started in 1996 via its involvement in the Aquila FPSO development for Eni in 850 m water depth offshore Italy, and has since gone on to develop FPSOs later leased to Eni for the Okono and the Okpoho fields development off Nigeria, and has received further boost by the award of the Golfinho 2 FPSO lease by Petrobras for Brazil and of the Gimboa FPSO lease by Sonangol in Angolan waters. For an FPSO project, the top level design engineering skills offered by Saipem, the naval architecture competences of the wholly owned subsidiary Moss Maritime, and the specialised fleet and assets engineering services, are all harnessed together to provide the full spectrum of capabilities needed. Such unique array of complementary capabilities is ready to be further expanded to incorporate Saipem s know-how, patents and track record in the LNG chain, into the development of floating terminals for the liquefaction of natural gas and loadonto LNG carriers, and for the offloading of LNG carriers and regasification and piping to the shore of liquefied natural gas. Saipem Offshore Construction EPCI capabilities are also supported by significant and growing fabrication capabilities based at the core of the main oil and gas provinces, which encompasses its wholly owned subsidiary Intermare Sarda in Italy (the record setting 23,000 t jacket for Sabratha, Libya has been fabricated there), the Rumuolumeni yard in Nigeria, the Petromar Soyo yard in Angola, the Boscongo Pointe Noire yard in the Republic of the Congo, the Kuryk yard in Kazakhstan, the Bos Shelf yard in Azerbaijan, and the Sharjah yard in the U.A.E. Current potential of Saipem fabrication facilities exceeds an aggregate of 130,000 t per annum. 13

14 ONSHORE SAIPEM OFFERS TODAY A COMPLETE RANGE OF PROJECT DEFINITION AND EXECUTION SERVICES, FROM FEASIBILITY AND FRONT END STUDIES TO DESIGN, ENGINEERING, PROCUREMENT AND FIELD CONSTRUCTION (EPC), IN VIRTUALLY EVERY WORLD MARKET, LEVERAGING ON ITS SPECIALISED SKILLS ACROSS THE MOST SIGNIFICANT PRODUCT LINES IN THE OIL, GAS, REFINING, CHEMICAL AND POWER INDUSTRIES. WITH THE ACQUISITION OF SNAMPROGETTI, SAIPEM HAS INTEGRATED ITS MANY ENGINEERING AND PROJECT MANAGEMENT CENTRES IN SEVERAL CONTINENTS INTO A CONSISTENT DESIGN AND EXECUTION PHILOSOPHY, WHICH COMBINES EXCELLENCE IN MODERN TECHNOLOGIES APPLICATIONS WITH THE MAXIMISATION OF THE LOCAL CONTENT, EVEN IN MOST CHALLENGING FRONTIER MARKETS. 14

15 UPSTREAM OIL AND GAS PRODUCTION AND PROCESSING The growing thirst for ever larger oil and gas supplies requires fast track design and execution of huge production and processing plants, often in remote locations with harsh environmental conditions and challenging logistics. Snamprogetti offers integrated solutions ranging from engineering to turnkey delivery of complex upstream facilities including onshore production, gas treatment and processing plants, pumping and compressor stations and marine terminals. In recent years Snamprogetti has won and executed several multibillion dollar projects on a fast track basis in diverse markets such as Saudi Arabia, U.A.E. and Algeria. In particular in the Kingdom of Saudi Arabia, major projects are either close to completion or in advanced stages of execution for the development of Khursaniyah, Khurais and Hawiyah oil and gas fields. Some of these projects are being executed on the basis of new convertible contracts, a hybrid between traditional reimbursable and LSTK contractual forms, particularly suitable for fast track requirements. LIQUEFIED NATURAL GAS Through its participation in a number of challenging projects, Snamprogetti has gained a strong presence in the natural gas liquefaction (LNG) market, with a remarkable track record of 9 base-load trains built in the last decade in Nigeria and in Qatar, for a total production capacity of over 35 million t per annum. Very recent awards in Nigeria and in Egypt include the performance of front end designs for new large LNG projects, such as the first phase of the multibillion dollar OK LNG project in Nigeria. Leveraging its cryogenic storage membrane technology and recognised by its customers as a world expert, S.N. Technigaz, another Saipem s unit, is also a front-ranking player in designing and executing storage and regasification solutions for liquefied natural gas market. Technigaz uses its innovation capabilities to anticipate customer needs, developing and offering integrated solutions for onshore and offshore LNG import and export terminals. 15

16 LAND PIPELINES Land pipeline design and construction, particularly cross-country, has historically been one of the mainstays of our business. In this market, Saipem ranks amongst the largest contractors in the world, having laid a record 62,000 km of pipelines on five continents, including whole systems in Australia, New Zealand, India, Argentina, Kazakhstan and Italy. Snamprogetti complements the traditional Saipem expertise with the experience in the design of over 75,000 km of land pipelines, frequently in conjunction with pipelaying by Saipem. In the Russian island of Sakhalin, Saipem is completing the Sakhalin II project, entailing engineering, procurement and construction of an 800 km onshore twin pipeline system. Saipem is currently designing and executing several large pipeline projects in most worldwide markets. Noteworthy is the Company s return to Australia, with the recent award of the expansion of the Dampier-Bunbury project, consisting of the design and pipelaying of 570 km of new lines. Projects of this geographic scope demand operations of great complexity. Pipelaying across the Alps, fording the Nile, Ganges and Rio Negro, crossing the Sahara and Arabian deserts or the swamps and jungles of West Africa, India and Asia, laying in and around the most densely populated regions of the world, have all been challenges successfully met by Saipem. OIL REFINING Snamprogetti has designed and built 37 grass-roots refineries and more than 500 process units. Building on its expertise in the design and implementation of all types of refinery process units, it has more recently focused on bottoms-of-the-barrel and heavy oil upgrading, by implementing large investments based on hydrocracking, hydroconversion, solvent deasphalting and residue gasification process units. Snamprogetti is currently executing, mostly on EPC basis, several projects including the major expansion of the Samir refinery in Morocco, hydrocracking units for Eni R&M and the completion of part of the Horizon Oil Sands project for CNRL Ltd. in Alberta, Canada. Following the implementation of 26 MTBE process units with our proprietary technology, including the first one ever in the world in 1973, a plant based on a new synthesis route to IsoOctane, the MTBE replacement, is now under construction in Venezuela.

17 GAS MONETISATION INTO CHEMICALS Employing a combination of proprietary and top-of-the-line third party technologies, Snamprogetti has designed and built more than 400 plants worldwide to produce chemicals from natural gas. These include complexes based on synthesis gas chemistry for the production of methanol and ammonia, using the proprietary technologies of Snamprogetti (105 licenses for urea synthesis) and of its partner Haldor Topsøe (89 licenses for ammonia synthesis), as well as numerous other projects based on technologies from traditional partners, such as Dow, Univation, Polimeri Europa and other reputable licensors. Snamprogetti is currently executing the Gas-to-Liquids complex for Chevron Nigeria Ltd., together with a partner. Utilising breakthrough technologies from Sasol, Chevron and Haldor Topsøe, this plant will produce premium diesel and gasoline from natural gas. This is a most challenging project, for technology and site construction reasons. More recently, Snamprogetti has been awarded the contract by Engro, Pakistan, for the design and execution of the largest single train ammonia/urea complex in the world - a Gas-to-Solids concept based on Snamprogetti and Haldor Topsøe proprietary technologies. POWER Our experience in this sector encompasses cogeneration and combined cycle units, as well as conventional coal, oil and gas-fired power stations. In recent years, the Company has designed and constructed more than 40 power plants applying various process solutions and turbines, as well as 4 IGCC plants, 2 of which are the world s largest, for a total capacity exceeding 5,000 MWe. INFRASTRUCTURES AND ENVIRONMENTAL ACTIVITIES Snamprogetti plays a significant role in the design and execution of a largescale civil infrastructure project, namely the Italian high-speed railway track system between Milan and Bologna, one of the largest public works ever undertaken in Italy. It also offers integrated environmental remediation services (i.e. soil and ground water) for contaminated sites of all types, both decommissioned and operational. With the integration of Snamprogetti, Bouygues Offshore and Sofresid companies, their resources and relevant experiences, Saipem has now broadened its initial role as a construction contractor by fully developing and diversifying its design, management and project execution systems, to become today one of the largest and most complete service providers to the oil and gas industries. Saipem can now offer integrated solutions for the complete execution of every aspect of a large EPC or EPIC project, along with its close-to-thecustomer presence and global resource deployment. 17

18 DRILLING AS AN INTERNATIONAL DRILLING CONTRACTOR OPERATING IN SOME OF THE HARSHEST ONSHORE AND OFFSHORE ENVIRONMENTS, 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.

19 In compliance with clients and Company s policies, employing advanced technology it has operated for several oil companies and government agencies gaining international and qualified recognition. Drilling services continue to be distinctive, working in many of the oil and gas industry s hotspots, frequently in synergy with the Group s onshore and offshore activities. Saipem vast experience in managing onshore drilling activities, associated with an adequate technological and operational level, have progressively developed the Company s actual capabilities. Over many decades of performance, Saipem has drilled over 6,800 wells, 1,700 of which have been offshore, totalling an overall depth of about 17 million m. In North West India alone, Saipem has drilled close to 100 wells on a footage basis, since During the last 20 years in Italy Saipem has drilled more than 40 onshore HPHT wells deeper than 6,000 m. In 1999, Saipem reached a depth of 8,012 m on the island of Gozo, Malta. Saipem operates both in shallow and deep water using jack-ups, semisubmersible units and a drill ship. Saipem s fleet of state-of-the-art drilling vessels includes the ultra deepwater DP drill ship Saipem 10000, which in 2001 drilled offshore Gabon at a water depth of 2,791 m, the fourth and fifth generation semisubmersible drilling units Scarabeo 5 and Scarabeo 7 as well as five units under construction: the ultra deepwater drill ship Saipem 12000, capable to operate up to 12,000 ft of water depth, the ultra deepwater sixth generation semisubmersible drilling units Scarabeo 8 and Scarabeo 9, the jack-up Perro Negro 6 and the tender assisted drilling barge Saipem TAD. With this fleet and its experienced and competent personnel, Saipem aims to meet three key objects with every project it undertakes: - zero accidents - no damages - excellence of performances. Our clients satisfaction and our people, in particular their health and safety, are the primary focus of Saipem activity. Whenever possible, Saipem seeks to maximise local content on a project, by developing joint ventures with qualified local companies and by training personnel from around the world in the business of drilling and well control technology. 19

20 People, ideas, energy. Saipem S.p.A. Via Martiri di Cefalonia, San Donato Milanese, Milan - Italy Tel Fax A subsidiary of Eni S.p.A.