Saipem

Regulatory Filings • Dec 6, 2022

SANTORINI DRILLSHIP ACQUISITION

December 6 th, 2022

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Strengthening the offshore drilling fleet to profit from the O&G supercycle

• Saipem exercised yesterday the option to acquire the 7 th generation drillship Santorini, which is already part of its fleet through a lease contract signed in 2021, with Samsung Heavy Industries ("SHI")
• Purchase option price is 230M\$, to be paid by year-end 2022¹
• Santorini is currently operating in the US-Gulf of Mexico for Eni until the third quarter of 2023
• The transaction will be completed with the effective transfer of the vessel ownership to Saipem, expected by year-end, after the payment of the consideration to SHI¹ , to be funded with available cash

A compelling investment opportunity

1. 20M\$ have been transferred to SHI upon exercise of the option; 210M\$ will be paid upon transfer of vessel ownership to Saipem

Superior technical features to operate in ultra-deep water

Offshore drillship Santorini

• 7 th generation drillship completed in 2021
• Equipped with two 7 cavities BOPs (Blow Out Preventers), the highest standard for ultradeep water drillships
• Latest available drilling automation onboard (NOVOS)
• Designed for the lowest environmental impact
• Capable of operating at water depths up to 12,000 feet (over 3,500 meters)
• Design: Samsung 12000
• Class: ABS
• Delivery date: 2021 (leased to Saipem)
• Built by: Samsung Heavy Industries

Technologically advanced vessel (7th gen) to capture the top-end of a growing market

Investment rationale

• Strong demand exceeding supply
• o Limited availability of technologically advanced vessels
• Dayrate¹ increase expected o From ~400k\$ in 2022
• o Over 450k\$ in 2025

• Deepwater opportunities in: o Gulf of Mexico (UDW² vessel availability almost

saturated)

o Africa & Mediterranean (historical strong presence for Saipem)

Double-digit returns

• Ongoing contract with Eni in Gulf of Mexico o Most of 2023 covered (till Q3)
• Strong financial metrics: o Unlevered IRR > 15% expected o Payback period ~5 years o Third party appraisal >300M\$³

2. Ultra-deepwater

3. Valuation date: November 2022

Drilling offshore fleet booking on the rise

Drilling Vessel Engagement Map (2022-24)

drilling backlog >1.5B€

Fleet utilisation based on current contracts⁵ : 2023 ~ 80% 2024 ~ 60%

3 New leased high-spec. jack-up: → 1 joined the fleet in 2022 → 2 to join the fleet in 2023

1. Leased Vessel

• 2. Engagement for production support
• 6 3. Rig under contract in preparation
• 4. Awards year-to-date
• 5. Including optional periods

FY2022 guidance: confirmed

Strategic update planned at FY22 results presentation

Appendix

8

Tight offshore drilling market: strong demand and limited vessels availability

Limited availability…

UDW Drillships (>7,500 feet) utilization rate

…triggers steep rate increase

UDW 7th generation drillship forecast dayrates (k\$)

Commercial opportunities Santorini is a strong candidate to win awards in this specific market niches in the short-term

• Actively bidding in the Gulf of Mexico, in the UDW segment
• Pursuing opportunities in West/East Africa and Mediterranean Sea

Sources: S&P Global (for utilization rate); Fearnley, Pareto, Esgian (for dayrates) 1. Average of average dayrates for UDW 7th generation drillships forecasted by Fearnley, Pareto, Esgian as of November 2022. Rounded figures