SAIPEM NINE MONTHS 2020 RESULTS PRESENTATION

28 OCTOBER 2020

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 9M 2020 RESULTS
03 BUSINESS UPDATE
04 BUSINESS OUTLOOK AND CLOSING REMARKS
05 APPENDIX

OPENING REMARKS

KEY PROJECTS DE-RISKED, NAVIGATING SAFELY

Protecting people our top priority; resilient in unprecedented situation
Solid & diversified backlog of c.€24bn1 provides good visibility beyond 2020
- Key E&C onshore projects substantially de-risked
- €5.3bn awards in 9M 2020 (c.90% non-oil), with BtB at 1x
- No significant backlog cancellations
9M 2020 operational highlights:
- E&C Onshore margin recovery in 3Q
- E&C Offshore slower phasing in 3Q, signs of recovery from 4Q
- Drilling: positive commercial signals Offshore; margin resilience Onshore
Well-balanced financial structure with ample liquidity
Confirmed opex efficiency plan and capex target below €400mn

9M 2020 RESULTS

YoY COMPARISON (€ mn – IFRS16)

¹ Excluding special items, see slide 10

9M 2020 RESULTS – E&C

YoY COMPARISON (€ mn – IFRS16)

9M 2020 RESULTS – DRILLING YoY COMPARISON (€ mn – IFRS16)

		DRILLING ONSHORE

38.5% margin 26.1%		409		24.7% margin 25.5%
			337
145
				101
	61				86


9M19	9M20	9M19	9M20	9M19	9M20
		• and oil price drop	Lower activity in Latam	and the Middle-East, following Covid-19

• EBITDA margin improvement both annually and quarterly

9M 2020 NET RESULT RECONCILIATION ADJUSTED VS REPORTED

Net Result (€ mn – IFRS 16)

Higher costs from Covid-19, safety first

Principal costs 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 and 2Q non-cash impairment triggered by drilling offshore market deterioration

1 Expenses to support people's health and safety during Covid-19 pandemic

² Write-down of assets and inventories for efficiency measures; other includes the outcome of a litigation

3Q 2020 NET DEBT QUARTERLY EVOLUTION (€ bn)

SOLID BALANCE SHEET AND LIQUIDITY

IMPROVED FINANCIAL FLEXIBILITY SUPPORTING BUSINESS EXECUTION

Solid liquidity

Substantial available cash (€1.1 billion)1
Committed and fully undrawn RCF (€1 billion)

€mn

€bn

Well balanced debt structure

No significant maturities before 2022
Average tenor above 3Yrs
Average debt cash cost at c.3%2

1 In addition to this amount, the Group has c.€0.9bn of restricted liquidity 2 Average cost of debt c.4% including treasury hedging

BUSINESS UPDATE

E&C OFFSHORE

ACTIVITY INCREASING IN 4Q

Lower phasing in 3Q is expected to reverse from 4Q
- Some projects with slow progress in 3Q (e.g. Africa) expected to recover from 4Q
- Project delivery in 4Q in areas such as Asia Pacific, Caspian and Middle East
  - Change orders
  - Increased operational execution
- Yard fabrication activity to increase sequentially vs 3Q

E&C ONSHORE BACKLOG SUBSTANTIALLY DERISKED GOOD EXECUTION AND POSITIVE COOPERATION WITH CLIENTS

Top-ten projects representing c.75% of E&C onshore backlog1

Africa: Mozambique Area 1 LNG

Project on schedule
No major disruption during lockdown
Planning to reach 7,000 people at site in Spring 2021

Saudi Arabia: Jizan, Khurais, Haradh

Revised schedules already agreed
Technical solutions and project planning to share cost savings
Khurais restoration project on reimbursable basis

Russia: Arctic LNG 2 GBS + Topsides

Project on schedule
Large portion of the topsides and GBS contract on reimbursable basis

Saudi Arabia: Berri & Marjan

Schedule extension upon client request
Compensation mechanism in discussion with client for schedule modification to safeguard project cash flow
Berri negligibly impacted since in its early stage

Nigeria: NLNG7

Project awarded in 2Q, early stage
Schedule risk-sharing approach with client for initial 12 months, activity on track
Initial 12 months are being used to optimize the execution strategy and de-risk project supply chain

Indonesia: Tangguh LNG Expansion

Key construction milestones achieved ahead of contract agreed schedule
Covid-19 protocols applied to all personnel
Prompt site de-manning and re-manning, working at max capacity allowed by health protocols

1 Including non- consolidated

HIGH QUALITY 2021+ BACKLOG PROVIDES VISIBILITY

9M 2020 KEY COMMERCIAL E&C DEVELOPMENTS

A DIVERSIFIED SET OF AWARDS, BOOK TO BILL OF c.1x IN 9M

9M 2020 BACKLOG (€ mn) WELL-DIVERSIFIED BACKLOG WITH NO MATERIAL CANCELLATIONS

9M 2020 BACKLOG DISTRIBUTION BY YEAR VISIBILITY UNDERPINNED BY PROJECT DERISKING

309 946 1,894 € mn

E&C OPPORTUNITIES c.€27bn SIZEABLE PIPELINE AHEAD

OFFSHORE DRILLING FLEET

Committed Stand-by rate Optional period

*ENGAGEMENT FOR PRODUCTION SUPPORT

**LEASED VESSEL

|20

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