SAIPEM FIRST QUARTER 2021 RESULTS

28 APRIL 2021

FORWARD-LOOKING STATEMENTS

Forward-looking statements contained in this presentation regrading future events and future results are based on current expectations, estimates, forecasts and projections about the industries in which Saipem S.p.A. (the "Company") operates, as well as the beliefs and assumptions of the Company's management.

These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other factors beyond the Company' control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. These include, but are not limited to: forex and interest rate fluctuations, commodity price volatility, credit and liquidity risks, HSE risks, the levels of capital expenditure in the oil and gas industry and other sectors, political instability in areas where the Group operates, actions by competitors, success of commercial transactions, risks associated with the execution of projects (including ongoing investment projects), the recent Coronavirus outbreak (including its impact across our business, worldwide operations and supply chain); in addition to changes in stakeholders' expectations and other changes affecting business conditions.

Therefore, the Company's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. They are neither statements of historical fact nor guarantees of future performance. The Company therefore caution against relying on any of these forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political and economic developments in the countries in which the Company operates, and regulatory developments in Italy and internationally. Any forward-looking statements made by or on behalf of the Company speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statements to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

The Financial Reports contain analyses of some of the aforementioned risks.

Forward-looking statements neither represent nor can be considered as estimates for legal, accounting, fiscal or investment purposes. Forward-looking statements are not intended to provide assurances and/or solicit investment.

TABLE OF CONTENT

01 OPENING REMARKS
02 1Q 2021 RESULTS
03 BUSINESS UPDATE
04 CLOSING REMARKS
05 APPENDIX

OPENING REMARKS

1Q 2021 OPENING REMARKS

CONTINUING TO NAVIGATE THE CHALLENGING ENVIRONMENT

Business environment still conditioned by pandemic
Results reflect slower activity and some postponement in E&C
Net debt post IFRS-16 c.€1.45bn, in line with expectations
Good order intake of €1.6bn (98% of E&C "non-oil"), BtB c.1x
- Some commercial award delayed vs expectations
c.€25bn1 backlog provides solid support for the mid-term

RECENT EVENTS ON MOZAMBIQUE AREA 1

Following recent suspension of Mozambique project activities and client press release on 26 April on force majeure, assessment is ongoing in close cooperation with the client to preserve the value of the project
While awaiting for further instructions by the client and the outcome of the ongoing assessment between the parties, we are not in a position to evaluate impacts on our financials for 2021
Therefore, at this stage Saipem is not able to confirm or update the business scenario provided to the market on 25 February 2021
The market will be promptly updated when the situation becomes sufficiently clear and impacts can consequently be determined
The project is included in Saipem backlog on the 31 March 2021 for an amount of c.4 billion euro, of which approximately 1.4 billion euro to be executed from 1 April to year-end 2021

1Q 2021 RESULTS

1Q 2020 RESULTS

YoY COMPARISON (€ mn – IFRS16)

1Q 2021 RESULTS – E&C

YoY COMPARISON (€ mn – IFRS16)

Lower volumes in Africa and Middle East, partially offset by North Sea and Americas
Results reflecting Covid-19 impact on revenue and current mix

Lower activity in Asia Pacific and Middle East mainly due to Covid-19 related slowdown and rephasing
Margin resilient YoY, despite volume decrease
Trend vs 4Q 2020 also driven by Country-specific situation in Mozambique

1Q 2021 RESULTS – DRILLING YoY COMPARISON (€ mn – IFRS16)

Lower volumes, mainly driven by S10000, SC9 and PN8
Covid-19 impact on offshore market weighs on revenues and margin

Lower activity in Middle East resulting from rig suspension
EBITDA impacted by volumes, albeit with good margin accretion

1Q 2021 NET RESULT RECONCILIATION ADJUSTED VS REPORTED

Net Result (€ mn – IFRS 16)

1Q21 Adjusted	Health & Safety (Covid-19)1	Provision for redundancy	1Q21 Reported




(105)
	(12)	(3)	(120)

Costs from Covid-19, safety first

Cost mainly related to management of pandemic and safeguarding people's health:

Cost of personnel on stand-by (e.g. quarantine, extraordinary charter flights)
Personal protective equipment in excess of the standard quantities
Sanitising work areas

1Q 2021 NET DEBT EVOLUTION

(€ bn)

SOLID BALANCE SHEET AND LIQUIDITY

NEW BOND ISSUE IMPROVES FINANCIAL FLEXIBILITY

€bn

€mn

Liquidity further strengthened

New €500mn 7-year fixed-rate bond issued in March
Total liquidity raised to €2.5bn
Ready to manage 2022 maturity (see chart below)

Well balanced debt structure

Average actual tenor above 3 years
Average debt cash cost at c.3%2
Further strengthened financial structure by pre-funding €500mn bond due 2022
Average pro-forma tenor extended to c.4 years3

1 In addition to this amount, the Group has c.€1.0bn of restricted liquidity

2 Average cost of debt c.4% including treasury hedging 3 Pro-forma at 31 March 2021, assuming 2022 notes repayment

BUSINESS UPDATE

E&C OFFSHORE 1Q UPDATE

PROJECT SCHEDULING AND PANDEMIC WEIGHING ON RESULTS

Postponement of some activity in Middle East, due to project requirements
Phasing of existing project portfolio characterised by higher vessel idleness vs 4Q
Commercial awards delayed vs expectations
Gradual performance recovery not earlier than 2H 2021
No backlog cancellations, albeit some shifting in 2022

E&C ONSHORE UPDATE ON KEY PROJECTS ONGOING COOPERATION WITH CLIENTS

Projects representing c.75% of E&C onshore backlog1

Africa: Mozambique Area 1 LNG

Site mobilization suspended due to security
Security risks managed in strict coordination with Client
On 26 April 2021, client issued a press release declaring the force majeure
2021 activity to-date mainly performed out of site (engineering, procurement and modularization); recent contractual suspension

Saudi Arabia: Haradh, Hawiyah

Schedule extension upon client request under discussion
Modularization and digitalization solutions developed to mitigate risks (Hawiyah)

Russia: Arctic LNG 2 GBS + Topsides

Project on schedule
Large portion of the topsides and GBS contract on reimbursable basis
Agreed acceleration plan for GBS3 and relevant topsides delivery

Saudi Arabia: Berri & Marjan

Schedule extension as per client request agreed
Agreed new improved financial conditions to safeguard project cash flow

Nigeria: NLNG7

Project awarded in 2Q 2020
Activity on schedule, full speed from end 2Q
Initial 12 months are being used to optimize the execution strategy and de-risk project supply chain

Indonesia: Tangguh LNG Expansion

Re-mobilization ongoing after the last pandemic wave
Key construction milestones achieved ahead of agreed schedule; new schedule targets agreed with client
Covid-19 protocols applied to all personnel

GOOD MOMENTUM IN RENEWABLES AND GAS E&C OFFSHORE - KEY AWARDS YEAR-TO-DATE

Courseulles-sur-Mer Offshore Wind Farm

Client: Eoliennes Offshore du Calvados SAS (EODC)
Location: Normandy, France
Scope of work: Design, construction and installation for 64 foundations bearing an equivalent number of turbines in water depths ranging from 22 to 31 metres

Two additional contracts for the North Field Production Sustainability (NFPS) offshore project

Client: Qatargas
Location: Qatar
1. NFPS EPCL Project 1Q21 BACKLOG
- Scope of work: Engineering, Procurement, Fabrication and Installation (EPCI) of 3 offshore export trunklines for a total length of almost 300 km and related onshore tie-in works and brownfield activities on existing facilities
2. NFPS EPCO Project additional scope of work 2Q21 BACKLOG
- Scope of work: construction of 2 additional riser platforms and connecting bridges, 2 corrosion resistant carbon steel cladded pipelines with a length of 13 km overall and decommissioning of an existing pipeline

Four contracts awarded under the framework of recently-extended LTA 2Q21 BACKLOG

1Q21 BACKLOG

Client: Saudi Aramco
Location: Saudi Arabia
Scope of work: Engineering, Procurement, Fabrication and Installation (EPCI) for the upgrade of existing and the installation of new offshore facilities for the brownfield development of the Zuluf, Berri and Abu Safah offshore fields (including subsea pipelines, associated risers, flowlines, cables and a production deck module), as well as the Ras Tanura terminal

€1.4bn AWARDS IN E&C OFFSHORE IN 1Q, WITH 2.4x BOOK-TO-BILL

|17

1Q 2021 BACKLOG WELL-DIVERSIFIED AND SIZEABLE BACKLOG

1Q 2021 BACKLOG DISTRIBUTION BY YEAR BACKLOG PROVIDES SOLID SUPPORT FOR THE MID-TERM (€ mn)

NON-CONSOLIDATED BACKLOG BY YEAR OF EXECUTION

2021	2022	2023+
857	891	1,013	€ mn

¹ E&C Onshore including Floaters business and XSIGHT

OFFSHORE DRILLING FLEET

Committed Stand-by rate New 1Q award Optional period

*ENGAGEMENT FOR PRODUCTION SUPPORT

**LEASED VESSEL

|21

ONSHORE DRILLING FLEET

¹ Simple average: # days sold / # days available for sale; till Q4 2019 weighted average, defined as # days sold weighted by technical specifications (e.g. higher HP = higher weight) / # days available for sale