/ II

We are a global leader in engineering services for the design, construction and operation of complex infrastructures and plants in the energy sector, both offshore and onshore.

The vision that inspires us is "Engineering for a sustainable future".

This is why we are engaged in the new low-carbon energy and industrial ecosystem. We are at the forefront of the transition to Net Zero alongside our clients, with increasingly digitalised tools, technologies, and processes, designed from the outset with environmental sustainability and safety in mind.

ANNUAL REPORT 2024

Ordinary Shareholders' Meeting of May 8 2025 Notice of the Shareholders' Meeting was published on the Company website and an excerpt was published in the daily newspaper "Il Sole 24 Ore" on March 12, 2025.

ESEF (European Single Electronic Format) requirements

This report has not been prepared in accordance with the EU Delegated Regulation 2019/815 (ESEF Regulation), implementing the Transparency Directive. The Annual Report in ESEF format (only in Italian language) is published in the specific section of the Company's website (www.saipem.com, Quarterly Results and Documentation) and is available at the centralised storage mechanism authorised by Consob "eMarket STORAGE" ().

Disclaimer

By their nature, forward-looking statements are subject to risk and uncertainty since they are dependent upon circumstances which should or are considered likely to occur in the future and are outside of the Group's control. These include, but are not limited to: exchange and interest rate fluctuations, commodity price volatility, credit and liquidity risks, HSE risks, the levels of capital expenditure in the oil 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 pandemic risks, geopolitical risks, supply chain risks and those risks related to ongoing investment projects), in addition to changes in stakeholders' expectations and other changes affecting business conditions. Actual results could therefore differ materially from the forward-looking statements. The financial reports contain in-depth analyses of some of the aforementioned risks. Forward-looking statements and data are to be considered in the context of the date of their release.

LETTER TO THE SHAREHOLDERS

Dear Shareholders,

Saipem's performance in 2024 confirms, for the third consecutive year, the Group's growth, characterised by the recovery of competitiveness and the improvement of margins, accompanied by the acceleration in cash generation, which has led to the decisive strengthening of the financial structure, allowing it to propose a higherthan-expected dividend for 2025, based on the 2024 results.

Among the most significant results of the year was the reduction in net financial debt. Also considering the debt relating to liabilities for leased assets, as of December 31, 2024, the Group is in a net cash position.

Revenue in 2024 amounted to €14.5 billion and EBITDA to €1.3 billion, representing growth of 23% and 44% respectively compared to the previous year. Net profit for 2024 was €306 million, an increase of 70% compared to 2023.

With new contracts amounting to €18.8 billion in 2024, the backlog reached an all-time high of €34 billion, providing excellent visibility on the objectives of the 2025-2028 Strategic Plan.

Saipem has updated its strategic guidelines, confirming the improvement in the Group's performance and its ability to take advantage of the current favorable market conditions. The 2025-2028 Strategic Plan provides for an increase in economic and financial objectives.

The 2025-2028 Strategic Plan is divided into four fundamental pillars: (i) a strong emphasis on execution excellence; (ii) capitalising on upstream Oil&Gas upcycle; (iii) the paradigm shift for Onshore Engineering & Construction and the implementation of a profitable Project Management Consultancy offer; and (iv) the broader offering in energy transition. These pillars are underpinned across the board by the following three additional principles: a clear and disciplined capital allocation with the aim of achieving an investment-grade credit rating in the medium term, business simplification and operational flexibility, as well as the continuous improvement of people's health and safety.

The Board of Directors also approved the update of the dividend policy that envisages the distribution to shareholders of at least 40% of Free Cash Flow (post repayment of lease liabilities).

2024 Results

2024 closed with revenue of €14,549 million, up 23% compared to 2023. EBITDA was positive at €1,329 million (€926 million in 2023), thanks to the contribution of both Engineering & Construction and Drilling Offshore, while the net result amounted to €306 million (€179 million in 2023).

Capital expenditure made during the 2024 financial year amounted to €337 million compared to €482 million in 2023.

The pre-IFRS 16 net financial position as at December 31, 2024 was positive for €683 million, an improvement compared to the net cash of €216 million at the end of 2023, thanks to the growth in EBITDA, the lower incidence of projects awarded before 2022 and the strict discipline in the management of working capital. The net financial position, including IFRS 16 lease liability, amounted to €660 million, was positive for €23 million (negative for €261 million at the end of 2023).

New contracts, amounting to €18,812 million, recorded an increase of approximately 7% compared to 2023. The backlog at the end of 2024 reached an all-time high of €34,065 million, represented by more than 70% of projects in the Offshore business, both Engineering & Construction and Drilling.

Towards a sustainable business

Saipem's Sustainability Plan "Our journey to a sustainable business", approved by the Board of Directors for the period 2025-2028, is integrated into the company's strategic business guidelines. The Plan contains more than 100 objectives and consequent actions, indicators and targets on 13 sustainability issues concentrated in three pillars: fighting climate change and protecting the environment, focusing on people, creating value in the supply chain and in the local communities.

The 2024 Sustainability Report is Saipem's nineteenth Sustainability Report, a voluntary document structured according to the three pillars of the Plan and the related thematic areas, it is no longer just a moment of synthesis of all that the past year has entailed in terms of initiatives and results, but also aims to outline a vision of a concrete future, consisting of precise objectives, indicators and targets suitable for measuring their achievement, as well as responsibilities and resources assigned. The Report is titled "We Deliver" as it highlights the commitment to creating sustainable value for stakeholders, narrated through the participation and testimonies of Saipem employees.

At the same time, Saipem is also publishing the first "2024 Consolidated Sustainability Report" this year, prepared in accordance with the requirements of the new Italian legislation on sustainability reporting that implements the EU CSRD Directive, which is mandatorily integrated into the Annual Financial Report. Since sustainability disclosure became a European obligation in 2017, Saipem has made the far-sighted choice of integration into the Annual Report which, in addition to responding to compliance needs, demonstrates a vision that considers economic and financial sustainability and environmental, social and governance issues in their complementarity. In this sense, the description of the commitments made on these fronts and the initiatives implemented and oriented towards an increasingly sustainable business, for the benefit of our stakeholders, to face future challenges, continued.

For a Group like Saipem, which is committed to the construction of infrastructure in the energy and transport sector globally, as well as to supporting its customers on the path towards the energy and ecological transition, safety at work is a priority aspect of the business. In 2024, the TRIFR (Total Recordable Incident Frequency Rate) accident frequency index stood at 0.34, while the HLFR (High Level Frequency Rate Event) index, aimed at measuring all accidents with a high potential for harm to people, stood at 0.49. Saipem continues its commitment in this area through a program aimed at strengthening corporate culture, prevention measures and the implementation of new technologies. This approach aims not only at the absence of accidents, but above all to ensure the presence of safeguards that can significantly reduce the harmful extent of the same. A significant example is the introduction of electronic work permits (e-permit to work) and the progressive extension of the use of the Video Analytics digital solution, which, thanks to artificial intelligence, makes it possible to identify dangerous situations on our construction sites and on our fleet in real time, allowing the timely and effective implementation of corrective actions.

Saipem operates globally and is committed to contributing to the progress of local communities. The focus on social aspects, including human rights and labour protection, diversity and inclusion, and the contribution to the development of local communities takes the form of initiatives such as the creation of new jobs, the development of professional skills, the extension of ethical principles to develop a responsible supply chain, support for the local socio-economic fabric, the development of the human capital of the host communities and the introduction of corporate incentive objectives linked to gender equality.

Our commitment to the progressive reduction of the carbon footprint, in accordance with the agreements signed by Italy and Europe, continues through the Net Zero Programme launched several years ago. This program includes specific goals, including achieving carbon neutrality of Scope 2 emissions by 2025. In 2024, our energy

efficiency initiatives and measures have made it possible to avoid over 70,000 tonnes of CO2 equivalent during the operations of our assets.

This year's ESG results, and performance demonstrate significant progress, supported by thoughtful and participatory governance. We have increasingly integrated sustainability aspects into our business strategies with the aim of creating value for our stakeholders. Our leadership position in the sector, highlighted by the main sustainability ratings and indices published by specialized agencies, and the recent recognition attributed to Saipem by a leading certification body for excellence in the management of ESG issues, confirm the goodness of the path of responsibility undertaken.

Market scenario

The current context is characterized by the prolonged positive cycle of Saipem's reference markets, and particularly the Oil&Gas market, in line with growth expectations both at the macroeconomic level and in access to secure and sustainable energy sources. However, some elements of uncertainty remain on the geopolitical level (in particular, the Russia-Ukraine conflict and instability in the Middle East) and on the economic level, linked to an intensification of protectionist policies and with the consequent risks on global supply chains. This required further attention from the Management in the formulation of accounting estimates and significant judgments. As a result, certain areas of the balance sheet, characterized by greater uncertainty in estimates, could be influenced by the future evolution of the aforementioned events and macroeconomic variables. Regarding oil and natural gas price trends, the Company believes that short-term volatility may have a limited impact on the Group's results given the nature of the Group's activities, characterized by projects with multi-year implementation times, depending on the complexity of the project. In the longer term, the outlook for an improvement in the external context is confirmed, supported by the multi-year growth cycle that the Oil & Gas market is going through and the consolidation of opportunities in the field of energy transition and clean technologies.

March 11, 2025

On behalf of the Board of Directors

The Chairman The Chief Executive Officer-General Manager Elisabetta Serafin Alessandro Puliti

Saipem Industrial's proposal ___________________	10
Company profile _______________________	11
Mission and values ___________________	13
Our approach to sustainability ________________	14
Our sustainable business: the sustainability policy ____________	14
2025-2028 Sustainability Plan ____________________	15
Saipem in the world _______________________	16
Where we operate ________________________	16
Our people ___________________________	18
Our clients _____________________	19
Backlog __________________________	20
Financial performance __________________	21
Saipem SpA share perorfmance ___________________	22
Credit rating _______________________	25
___________ ESG indices and ratings	25

Saipem Industrial's proposal

Saipem plays a key role in the energy sector, contributing with a wide range of services to the construction of offshore and onshore energy plants and infrastructures. To this end, Saipem collaborates with a large and diversified ecosystem of suppliers and subcontractors and safely manages numerous shipyards and naval vessels. In addition to its commitment to the energy industry, Saipem operates in the infrastructure sector with services in the civil construction and sustainable transport sectors, in particular railways. Thanks to its engineering and project management capabilities, its vehicles and construction sites and its technological expertise, Saipem generates value for its clients in both traditional and renewable energy. In particular, with reference to traditional energies, Saipem assists its clients throughout the raw material production and processing chain, offering services in offshore drilling, upstream, midstream, downstream and also providing solutions for the production of fertilizers. In the field of renewable sources and clean tech, Saipem is engaged in the construction of offshore wind infrastructure, as well as proposing various industrial solutions useful for decarbonisation, such as CO2 management and hydrogen treatment.

We are a "One Company" organised into six business lines: Offshore E&C, Offshore Drilling, Onshore E&C, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialized Solutions, with distinctive capabilities, skills and high-tech assets, able to identify and develop multiple solutions to meet our clients' needs for a sustainable business. Our business model is designed to foster synergies between our operating sectors and the market in which we operate. We aim to develop solutions that enhance efficiency, minimise the environmental impact of our products and services, and improve the safety of both employees and clients. The six business lines are further organised into three reporting segments: Asset Based Services, Offshore Drilling and Energy Carriers.

01 / Mission ____________________________________________________________________________________________________________________________________________

We work alongside our clients to transform their startegies and projects into competitive, safe and sustainable infrastructures, plants and processes accompanying them on the energy transition pathway towards Net Zero.

SAIPEM Directors' Consolidated Statutory ANNEXES AT A GLANCE report financial statements financial statements

We value creative talent. We look after health and safety of our people, communities and the environment and are committed to building relationships of trust. We foster a culture that values diversity and actively promotes inclusivity.

03 / Purpose __________________________________________________________________________________________________________________________________________

Always oriented towards technological innovation, the vision that inspires us is "Engineering for a sustainable future".

Engineering is Saipem's DNA and shapes its business, activities and industrial solutions. Everything that we do is based on a clear vision of tomorrow.

We empower change by ensuring that our clients' needs are always met. We design and engineer new solutions to guarantee sustainable and safe access to energy and mobility, thus contributing to the creation of a greener world. With our work, we are building a bridge to the future, generating value over time.

For everyone.

OUR APPROACH TO SUSTAINABILITY

Guided by our vision "Engineers for a sustainable future", we are dedicated to create value for all our stakeholders, integrating environmental, social and governance (ESG) issues into business strategies and processes.

SAIPEM Directors' Consolidated Statutory ANNEXES AT A GLANCE report financial statements financial statements

"Our sustainable business" policy identifies the commitments that guide us in contributing to the Sustainable Development Goals (SDGs) and defines the principles and pillars that contribute to the sustainable success of our business:

Climate change mitigation and adaptation;
Protection of the environment and biodiversity;
Protection of human and labour rights;
Stakeholder engagement;
Local value creation.

01 / Our sustainable business: the sustainability policy ___________________________

Commitment to sustainable development

Our Sustainability Policy reinforces our commitment to operating responsibly in all the countries where we are present, guided by our principles of ethics, respect, inclusion, transparency, and fairness. It emphasises sustainability as key to long-term value and collective well-being, outlining the five dimensions of our approach.

To make this a tangible commitment, Saipem annually updates its "Our journey to a sustainable business" Sustainability Plan, result of an integrated strategy that combines business and financial objectives with ESG criteria, geared toward generating value for stakeholders.

02 / 2025-2028 Sustainability Plan _________________________________________________________________________________

Saipem's Sustainability Plan1 describes how we intend to work to achieve our sustainable business strategy and create long-term shared value.

Introduced in 2022, our rolling four-year plan integrates sustainability and ESG topics into our business strategy by setting clear, material and verifiable targets. The new 2025-2028 plan is organised around three pillars – Climate change mitigation and environmental protection, People centricity and Value creation – and related thematic areas, each connected to relevant UN Sustainable Development Goals (SDGs). Our 2024-2027 plan included 11 thematic areas, which were extended to 13 in the new 2025-2028 plan.

SAIPEM Directors' Consolidated Statutory ANNEXES AT A GLANCE report financial statements financial statements ⁰²/ Our people ____________________________________________________________________________________________________________________________________


----------------------------------------------------------------	--	--

Our clients

Saipem's client portfolio is wide and diversified, and today includes the major Western International Oil Companies, the major National Oil Companies in the Middle East and some companies active in the world of Utilities and Infrastructures.

Backlog

Backlog has increased significantly over the past three years, thanks to a favourable reference market.

Saipem's backlog has reached a record level in terms of size and is currently very diversified, covering both offshore EPC activities (in shallow water and deep water), offshore drilling activities (in shallow water and deep water) and onshore EPC activities (including LNG plant projects, floating production, storage and offloading units, fertilizer production plants, high-speed infrastructure).

FINANCIAL PERFORMANCE

Saipem's financial performance has shown a steady improvement over the last three years thanks to the growth of the backlog and the progressive decrease in incidence of problematic projects.

The growth revenue translated into growth in both EBITDA and profitability of the Group, furthermore, the Group which also experienced a substantial enhancement in its EBITDA conversion rate to Operating Cash Flow in 2024.

SAIPEM SpA SHARE PERFORMANCE

In 2024, the Saipem Group continued its growth and consolidation, exploiting the favourable market conditions and the resumption of the cycle of investments in the energy sector to the full.

In this positive context, in 2024 Saipem shares recorded 71% growth, significantly exceeding the performance of the FTSE MIB index (+13%), the Stoxx Europe 600 (+5%) and the S&P 500 (+24%).

In the first part of the year, Saipem shares were negatively affected by two adverse events, both announced on January 30, 2024: the incident on the Castorone vessel in Australia and Saudi Aramco's announced reduction of its maximum production capacity target. On this date, Saipem shares fell by 13% and on February 9, 2024 reached their minimum level for 2024 (€1.26).

The presentation of the results for the financial year 2023 and the Strategic Plan 2024-2027 on February 28, 2024 was welcomed by the market, strengthening the company's share performance. The Guidance 2024 and medium-term targets given in the updated Plan led to a significant improvement in the analysts' estimates for 2024-2027 and the envisaged return to dividends in 2025 (based on the results of 2024) further strengthened the market confidence in Saipem. On the day the 2023 results were published, the Saipem share recorded a 13% increase, and continued to grow in the following weeks, reaching a maximum value for the first half of the year of €2.41 on April 12, 2024.

				Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023		Dec. 31, 2024
Share capital		(€) 2,191,384,693 2,191,384,693		501,669,791	501,669,791	501,669,791
No. of ordinary shares				1,010,966,841 1,010,966,841 1,995,557,732 1,995,557,732		1,995,557,732
No. of savings shares		10,598	10,598	1,059	1,059	1,059
Market capitalisation		17,532,670	21,394,893	415,957	398,649	38,370,464
Gross dividend per share:	(€ million)	2,235	1,871	2,255	2,934	5,009
- ordinary shares					-
- savings shares	(€)	-	-	-	-	0,17
Price/earnings ratio per share: (1)	(€)	-	-	-	5.00	5.00
- ordinary shares
- savings shares	(€)	-	-	-	16.38	16.05
Price/cash flow (*) ratio per share: (1)	(€)	-	-	-	986.43	550.06
- ordinary shares
- savings shares	(€)	16.03	-	17.34	4.35	4.77
Adjusted price/earnings ratio
per share:	(€)	326.31	-	1,181.74	261.98	163.57
- ordinary shares
- savings shares	(€)	-	-	-	16.38	16.05
Adjusted price/cash flow (*)
ratio per share:	(€)	-	-	-	986.43	550.06
- ordinary shares
- savings shares	(€)	6.80	-	12.39	4.35	4.77
Share capital	(€)	54.30	-	844.10	261.98	163.57

KEY STOCK EXCHANGE INDICES AND FIGURES

(*) Cash flow: net profit plus depreciation and amortisation.

(1) Figures pertain to the consolidated financial statements.

In the following months, the shares remained fairly stable, also in consideration of the quarterly results, in line with expectations.

From August to September 2024, Saipem shares did not perform particularly well, mainly due to weak oil prices. The minimum value reached in the second half of the year was €1.80 on September 10, 2024.

With the publication of the results for the third quarter on October 23, 2024, and particularly thanks to the strong order portfolio recorded in the period and the improved guidance 2024, the share increased its value. The maximum annual value of €2.64 was reached on December 19, 2024; the share value closed the year at €2.51.

Details of performance during the reporting period are presented below.

Listing on the Milan Stock Exchange

(€)	2020	2021	2022	2023	2024
Ordinary shares:
- maximum	11.28	6.66	5.12	1.62	2.64
- minimum	3.42	4.34	0.58	1.14	1.26
- average	5.93	5.30	2.00	1.40	2.06
- end of the period	5.54	4.63	1.13	1.47	2.51
Savings shares:
- maximum	450.00	450.00	350.00	88.50	101.00
- minimum	420.00	360.00	72.50	77.00	86.00
- average	433.65	418.44	136.68	79.30	91.19
- end of the period	450.00	370.00	77.00	88.50	86.00

The figures have been restated following the reverse stock split and the share capital increase.

For comparison purposes, all historic prices in the table and graph have been adjusted following the two equity groupings completed in the first half of 2022 linked to the capital increase.

The values shown in the table are not to be considered, for the periods of reference, as indicators of return on equity investment, mainly due to the capital increase on a rights offering completed in July 2022.

credit rating

On the date of this document, Saipem's long term issuer rating by Standard & Poor's (S&P) is BB+ (with stable outlook) and Ba2 (with positive outlook) according to Moody's.

During the year, both ratings were reviewed by both agencies: S&P confirmed the credit rating assigned previously to Saipem, while Moody's raised Saipem's credit rating from Ba3 to Ba2, at the same time maintaining a positive outlook.

It is also reported that in May 2024 Saipem completed the new Euro Medium Term Note bond programme, for a total amount of €3,000 million.

RATING AGENCY	LONG TERM	OUTLOOK	ALLOCATION DATE
Standard & Poor's	BB+	Stable	December 2, 2022
Moody's	Ba2	Positive	April 15, 2024

ESG INDICES AND RATINGS

Over the years, Saipem has generally maintained or improved its positioning in the main ESG ratings, reaching a leading sector position for most of them. This reflects Saipem's continuous improvement in sustainability performances, supported by transparent and reliable disclosure of sustainability information.

Main ESG ratings at December 31, 2024

MAIN ESG RATING AGENCIES		RATING AVERAGE SECTOR RATING
MSCI	A	BBB
Sustainalytics	21.8	27.1
S&P	79	28
CDP	B	C

SAIPEM DIRECTORS' CONSOLIDATED STATUTORY ANNEXES AT A GLANCE REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS

02. directors' report

content

Highlights 2024 _____________________ 28
Main events of the year 2024 __________________ 32
Strategy __________________________ 34
Governance _____________________ 36
Operating review _________________________ 40
Organisational structure 40
Market conditions 41
New contracts and backlog 41
Capital expenditure 43
Asset Based Services and Offshore Wind --------------------------------------------------------------------------------------------------------------------------------------------------------------- 44
Asset Based Services 45
Offshore Wind 50
Energy Carriers, Sustainable Infrastructures and Robotics & Industrialized Solutions ------------------------------------------------ 53
Energy Carriers 53
Sustainable Infrastructures 58
Robotics & Industrialized Solutions 59
Offshore Drilling ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 62
Financial and economic results ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 64
Operating results 64
Balance sheet and financial position 67
Reclassified statement of cash flows 70
Key profit and financial indicators 72
Reserch and development ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 74
Human resources -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 84
Digital, ICT Services ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 90
Risk management -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 94
Additional information -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 109
Reconciliation of reclassified balance sheets used in the Directors' report
with the mandatory finanancial statements ---------------------------------------------------------------------------------------------------------------------------------------------------------- 113
Glossary ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 116
Consolidated Sustainability Statement ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- 122
ESRS 2 General disclosure 122
Environmental information 175
Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) 175 ESRS E1 Climate change 190
ESRS E2 Pollution 214
ESRS E3 Water and marine resources 219
ESRS E4 Biodiversity and ecosystems 226
ESRS E5 Resource use and circular economy 235
Social information 244
ESRS S1 Own workforce 244
ESRS S2 Workers in the value chain 285
ESRS S3 Affected communities 296
Governance information 310
ESRS G1 Business conduct 310
Additional entity-specific information 322
Additional disclosure requirements 326
Annex I 330
SAIPEM SpA DIRECTORS' REPORT
Financial and economic results ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 335
Economic results 341
Balance sheet and financial position 339
Reclassified statement of cash flows 342
Reconciliation of reclassified statement of financial position, income statement
and statement of cash flows with the mandatory templates ------------------------------------------------------------------------------------------------------------------- 343

highlightS 2024

main events of the year 2024

Saipem at a glance	DIRECTORS' REPORT	ANNEXES
strategy Strategic plan is based on four main pillars





Saipem's Strategic Plan for the period 2025-2028 is based on four main pillars: 1. 2.	engineering, and pursuing modularisation in construction and fabrication.	Execution excellence involves prioritising health, safety, and the environment (HSE) using AI tools, safety equipment like drones and cameras to prevent accidents. It includes maintaining a state-of-the-art fleet with targeted improvements, adopting a capital-light approach, reducing risks through execution-focused Capitalising on upstream Oil&Gas up-cycle: the company plans to fully utilise its fleet during the plan period, maintaining its presence in key markets while exploring opportunities in emerging countries. Saipem

will monitor growth prospects and consolidation initiatives for offshore drilling in deep water and harsh environments. Additionally, the company will reassess strategic options for the shallow water offshore drilling sector, investigating new business opportunities.
1. New paradigm for Onshore E&C and Project Management Consulting (PMC) offering: Saipem aims to prioritise value generation over activity volume in its onshore backlog by adopting a selective commercial approach. This involves reducing the number of projects and gradually decreasing reliance on fixed price lump sum EPC contracts, favouring EPC contracts with a more balanced risk profile, engineering services, and PMCs. Additionally, Saipem plans to increase the recurring revenues from Operation & Maintenance.
1. Broaden offering on Energy Transition, both onshore and offshore, with a focus on CO2 management, Green and Blue Solutions, biofuels/SAF, LNG, geothermal and offshore wind.

Broaden offering on Energy Transition, both onshore and offshore

During the 2025-2028 plan, Saipem will focus its energy transition offering on CO2 management, where it can provide services along the entire value chain, blue and green fertilisers, low-carbon hydrogen, biofuels, SAF, LNG, where we will be selective in terms of projects and partners, and geothermal energy. In the business of offshore wind, Saipem will leverage its consolidated experience and proprietary technology in fixed foundation applications, also through collaboration with developers and manufacturers of turbines and foundations. In addition, Saipem aims to consolidate its position in floating offshore wind through the validation and industrialisation of technologies such as Star1.

GOVERNANCE

Saipem SpA adopts a traditional administration and control model which consists of:

≥ the Board of Directors, a central body in the corporate governance system, which is entrusted with the management of the Company and which plays a fundamental guiding role, also for the achievement of sustainable development objectives, as well as a central role in internal control and risk management;
≥ the Board of Auditors, dealing with supervision and control;
≥ the Shareholders' Meeting, as the corporate entity that conveys the will of the company through resolutions adopted in accordance with the law and the Articles of Association. It is up to the Shareholders' Meeting to appoint the Board of Directors and its Chairman for a period of maximum three financial years.

Taking into account the recommendations and principles of the Corporate Governance Code, with a resolution passed on May 18, 2021, the Board of Directors in office until May 14, 2024 has set up the following internal committees with inquiry, proposal and advisory functions: the Remuneration and NominationCommittee, the Control and Risk Committee, the Related Parties Committee and the Sustainability, Scenarios and Governance Committee.

The Board of Directors and each Committee have their own rules governing, specifically, their set-up, tasks, and operation.

Saipem's governance system is based on international best practices on the subject and, in particular, on the principles included in the Corporate Governance Code – adhered to by the Company on December 17, 2020 – as well as the applicable provisions included in the regulatory framework issued by the National Commission for Companies and the Stock Exchange (Consob). The Shareholders' Meeting held on May 14, 2024 appointed the new the Board of Directors for the years 2024, 2025, and 2026, its mandate expiring on the date of the Shareholders' Meeting called to approve the Financial Statements as at December 31, 2026. On the same date, the Board of Directors appointed the new members of the Board Committees.

The "Corporate Governance and Shareholding Structure Report 2024" (hereinafter the "Report") provides a general and complete framework of the corporate governance system adopted by Saipem SpA. The Report, drafted pursuant to Article 123-bis of the Italian Consolidated Law on Finance (TUF) is a stand-alone document approved by the Board of Directors on March 12, 2024, and published on the Company's website www.saipem.com under the "Governance | Documents" section.

The Report was drafted in accordance with the criteria contained in the "Format for Corporate Governance and Shareholding Structure Report - X Edition (December 2024)" of Borsa Italiana SpA. It ensures to provide, in accordance with the peculiarities of the business and corporate purposes, correct, exhaustive and effective information, as required by the market; the new edition of the Format also takes into account the new regulation on corporate sustainability reporting, which introduces sustainability reporting requirements for listed companies (the ESRS reporting principles adopted by the European Commission with Regulation 2023/2772 of July 31, 2023) which also include information pertaining to the corporate governance of issuers.

The Report illustrates the Company's profile and the principles it is based on, information on its shareholding structure and its adherence to the principles mentioned in the Corporate Governance Code. It also includes the main governance practices, as well as a summary of the main considerations that emerged from the analysis and discussion of the annual letter by the Chairman of the Italian Corporate Governance Committee sent to all Italian listed companies on December 18, 2024, containing the "2024 Report on the evolution of corporate governance of listed companies - 12th report on the application of the Corporate Governance Code" and recommendations for 2025.

The Report includes a detailed description of how the administration and control bodies and their committees are structured and function, also in the light of the diversity policies adopted by Saipem and equal access to the administration and control bodies of listed companies. It also includes an explanation of the roles, responsibilities and competencies assigned to the Company's administration and control bodies. The Report also illustrates the main characteristics of the internal control and risk management system.

SAIPEM HEAD OFFICE, Spark 1

It also acknowledges the adoption by Saipem SpA of: (i) the Management System Guideline on "Transactions with Related Parties and Persons of Interest", which establishes the principles and rules to which Saipem SpA and its subsidiaries must adhere in order to ensure the transparency and substantive and procedural fairness of transactions with related parties and persons of interest, directors and statutory auditors and senior managers with strategic responsibilities (SMSR) of Saipem, carried out by Saipem or its subsidiaries; (ii) the Management System Guideline "Market Abuse", which establishes the principles and rules to which Saipem SpA and its subsidiaries must adhere in the management within the Saipem Group and in the external communication of corporate documents and information concerning Saipem. This is particularly relevant for material information and inside information, the drawing, keeping and updating of Registers of persons who have access to the aforementioned information, as well as the identification of relevant persons and the procedures for communicating transactions carried out, also through third parties, on shares issued by Saipem or on other financial instruments connected to these shares; (iii) the policy for managing the dialogue with shareholders and other stakeholders, in line with Recommendation No. 3 of the Corporate Governance Code, taking into account the engagement policies adopted by institutional investors and asset managers.

The above documents are available on Saipem's website in the section "Governance | Documents".

The criteria applied for determining the remuneration of Directors are illustrated in the "Report on Remuneration Policy and Compensation Paid 2025", drafted in accordance with Article 123-ter of Italian Legislative Decree No. 58/1998 and Article 84-quater of the Consob Issuers Regulation published in the "Governance | Documents" section of Saipem's website.

30-50 years	11%
>50 years	89%

0-3 fiscal years	67%
4-6 fiscal years	22%
>7 fiscal years	11%

OPERATING REVIEW

Organisational structure _______________________________________________________________________________________________________________

The Group is organisationally configured into separate business areas consistently with the Group's Organisation Model, and includes:

Saipem DIRECTORS' Consolidated Statutory ANNEXES at a glance REPORT financial statements financial statements

the organisational and geographical centralisation of staff structures, aimed at achieving high levels of efficiency;
a central business department to manage the order intake and customer interaction within a "One Saipem" perspective, while ensuring the optimised management of regional and local structures on a global scale;
the integration of project control and project risk management processes within the Chief Financial Officer operating area, raising the level of sensitivity in risk analysis and management over the entire life cycle of projects.

The organisational structure as of December 31, 2024 is as follows: Asset Based Services, Energy Carriers, Robotics & Industrialized Solutions, Sustainable Infrastructures, Offshore Wind, and Drilling.

On July 1, to ensure the single management of the Drilling business and increase the effectiveness of the processes managed both during the order phase and during project execution, guaranteeing proximity between the operating activities and the asset based services, as well as the unitary development of technical and specialist skills, reporting directly to the CEO and General Manager, the Drilling business line was established; the commercial activities and Operations and Assets for the business, previously falling under the Asset Based Services business line, are now managed here.

The business lines, each with different dynamics, goals, and skills aimed at the technical and financial development of the offers and the management of projects in the execution phase, as well as being centers of excellence in technology and engineering, globally recognised by our customers, were structured as follows to manage the Group's portfolio:

≥ Asset Based Services which manages the Offshore Engineering & Construction business sea trunklines, transportation & installation, subsea development – as well as the vessels and yards serving the Group's businesses;
≥ Energy Carriers evolution of Saipem's systems with a strong technological content, great attention to new energy carriers and circularity; it brings together the Engineering & Construction business of "one-of-a-kind" onshore and offshore projects, enhancing the extent, depth, and quality of our technical and management skill portfolio;
≥ Robotics & Industrialized Solutions answering the new needs of the energy sector, it integrates the technical-operational skills dedicated to the development, engineering, and execution of modular, repeatable and scalable systems, as well as the monitoring and maintenance services based on digital technologies;
≥ Sustainable Infrastructures to seize the opportunities of a sector that has become strategic in the energy transition ecosystem, which will hopefully by accelerated by the Italian Recovery Fund;
≥ Offshore Wind to consolidate Saipem's role in the offshore wind sector through the unified management and development of the business, with regard to the new opportunities to be pursued in the reference markets;
≥ Drilling which manages the fleet, currently consisting of drilling vessels with a range of technological characteristics, able to work at all depths, from ultra-deep to shallower depths.

The Drilling business, given the relevance and economic characteristics, was already reported separately in line with the provisions of IFRS 8; consequently, the organisational review from July 1 had not impact market disclosure, for which the reporting business remain unchanged.

Market conditions ________________________________________________________________________________________________________________________________

The current context is marked by a prolonged positive cycle in Saipem's reference markets, particularly the Oil&Gas market, in line with the growing need to access secure and economically sustainable energy sources. In 2024, according to the preliminary estimates of the International Monetary Fund, the global economy grew by 3.2% on 2023, supported by strong expansion in India (+6.5%), the better-than-expected performance of the US economy (+2.8%), and the slight improvement recorded in the Eurozone (+0.8%). These factors together compensated for the slowdown in the Chinese economy, aggravated by a prolonged crisis in the real estate sector and low domestic consumption.

Medium-term forecasts agree on stable economic growth of around 3% per annum, in the light of some ongoing geopolitical instabilities (particularly, the Russia-Ukraine conflict and the instability in the Middle East) and some remaining economic instabilities linked to the intensification of protectionist policies and the consequent risks for global supply chains.

In 2024, the energy sector has confirmed the recovery that began in previous years, both in renewables and conventional fields like oil and gas, supported by the progressive stabilisation of the macro-economic scenario. Brent crude prices were highly volatile throughout the year, settling at an average of 80 dollars a barrel, substantially in line with the expectations for 2024. This dynamic has led to higher growth investment volumes being recorded in the global Oil&Gas market in recent years. Supporting this trend were, in addition to inflation, the need to support the future demand for hydrocarbons, also by strengthening energy infrastructures as a strategy for mitigating procurement risks.

In today's scenario, the major oil companies are implementing a dual strategy, also through mergers and acquisitions, aiming on one hand to maintain the solidity of their financial structure, in line with the positive results achieved in conventional products, and on the other to continue the process of integrating their portfolios with activities and investments in the framework of the energy transition, also in line with the CO2 emissions reduction targets announced.

In the renewable energy sources field, particularly offshore wind, signs of slight recovery were seen in 2024 compared to the previous year, with new wind farms launched in Asia and Europe and the award of new contracts, through tenders launched in the United Kingdom for both fixed and floating projects. Although some complexities remain, including the integration into the electricity transmission system, the lack of sector standardisation and the developments in the policies supporting the sector, particularly in the United States, the overall prospects for this market remain positive in the medium- and long-term, driven by growing needs for clean energy.

New contracts and backlog ________________________________________________________________________________________________________

The backlog represents the value of the multi-year contracts awarded to the Group and is revised based on contractual modifications and agreements made with clients. A project is included in the backlog upon receipt of the award notification from the client.

New contracts awarded during 2024 amounted to €18,812 million (€17,659 million in 2023).

Of the total contracts awarded, 76% related to the Asset Based Services business, 23% to the Energy Carriers business, and 1% to Offshore Drilling.

New contracts to be carried out abroad made up 97% of the total; contracts awarded by Eni Group companies were 5% of the overall figure. New contracts awarded to Saipem SpA amounted to 31% of the total.

Saipem Group - New Contracts in the year ending on December 31

(€ million)	2024		2023
	Amount	%	Amount	%
Saipem SpA	5,920	31	10,093	57
Group companies	12,892	69	7,566	43
Total	18,812	100	17,659	100
Asset Based Services	14,243	76	11,643	66
Energy Carriers	4,309	23	4,784	27
Offshore Drilling	260	1	1,232	7
Total	18,812	100	17,659	100
Italy	587	3	1,148	7
Outside Italy	18,225	97	16,511	93
Total	18,812	100	17,659	100
Eni Group	900	5	1,909	11
Third parties	17,912	95	15,750	89
Total	18,812	100	17,659	100

The backlog as of December 31, 2024 amounted to €34,065 million (€29,802 million as of December 31, 2023) broken down as follow: €22,470 million for Asset Based Services, €10,270 million for Energy Carriers, and €1,325 million for Offshore Drilling. The backlog is expected to be realised in 2025 for an amount equal to €12,092 million.

The breakdown of the backlog by business is as follows: 69% in the Asset Based Services business, 30% in the Energy Carriers business, and 4% in Offshore Drilling.

97% of orders were on behalf of overseas clients, while orders from Eni Group companies represented 2% of the overall backlog. The parent company Saipem SpA accounted for 42% of the total backlog.

The backlog including non-consolidated companies was €34,257 million (€29,892 million as of December 31, 2023).

Saipem Group - Backlog as of December 31

(€ million)	2024		2023
	Amount	%	Amount	%
Saipem SpA	14,397	42	13,849	46
Group companies	19,668	58	15,953	54
Total	34,065	100	29,802	100
Asset Based Services	22,470	66	16,285	54
Energy Carriers	10,270	30	11,534	39
Offshore Drilling	1,325	4	1,983	7
Total	34,065	100	29,802	100
Italy	985	3	1,433	5
Outside Italy	33,080	97	28,369	95
Total	34,065	100	29,802	100
Eni Group	769	2	1,445	5
Third parties	33,296	98	28,357	95
Total	34,065	100	29,802	100

Capital expenditure ____________________________________________________________________________________________________________________________

Capital expenditure made in 2024 amounted to €337 million (€482 million in 2023) and mainly included the following business lines:

≥ for Asset Based Services: €239 million related to extraordinary maintenance and reinforcement of the Saipem Constellation, Saipem 7000, Saipem Endeavour and Castoro 10 vessels and of the JSD6000 vessel, which is leased from third-party and extraordinary maintenance and upgrading of existing vessels;
≥ for Energy Carriers: €23 million related to purchase and extraordinary maintenance of equipment;
≥ for Offshore Drilling: €75 million related to maintenance and upgrading work on the vessels, in particular, on the drillship Saipem 12000, semi-submersible platform Scarabeo 9 as well as upgrading of the rented jack-up Perro Negro 13 which has started operating in the Middle East under a contract already in backlog.

In summary, capital expenditure in 2024 are as follows:

Capital Expenditure

(€ million)	2024	2023
Saipem SpA	27	26
Other group companies	310	456
Total	337	482
Asset Based Services	239	258
Energy Carriers	23	22
Offshore Drilling	75	202
Total	337	482

Details of capital expenditure for the individual business lines are provided in the following paragraphs.

ASSET BASED SERVICES AND OFFSHORE WIND

Saipem DIRECTORS' Consolidated Statutory ANNEXES at a glance REPORT financial statements financial statements

Asset Based Services _______________________________________________________________________________________________________________________

New contracts

The most significant new contracts awarded during 2024 were:

for QatarEnergy LNG, the combined COMP3A & COMP3B packages of the North Field Production Sustainability Offshore Compression Program project, aimed at supporting the production of the North Field offshore natural gas field, located off the North-Eastern coast of Qatar. Activities include the engineering, procurement, fabrication and installation of six platforms, approximately 100 kilometres of subsea pipelines, 100 kilometres of subsea composite cables, 150 kilometres of optic fibre cables and several other subsea structures;
for TotalEnergies, a contract for the subsea development of the GranMorgu project, located in the Block 58 oil and gas field, 150 kilometres of the coast of Suriname. The scope of work entails the engineering, procurement, supply, construction, installation, pre-commissioning for the SURF package. This includes the EPCI of approximately 100 kilometres of subsea production flowlines, 90 kilometres of water and gas injection lines, and the T&I of flexible risers, umbilicals and associated structures, at water depths ranging from 100 to 1,100 metres;
for Saudi Aramco, under the current Long-Term Agreement (LTA), an offshore contract for the development of Marjan Field in Saudi Arabia involving, the engineering, procurement, construction and

installation of topsides and jacket for wellhead platforms, jackets and topsides for the connection platform, rigid flowlines, subsea composite cables and optic fibre cables;

for ExxonMobil Guyana Ltd and the partners of the Stabroek block, relating to the development of the Whiptail oil field off the coast of Guyana at a depth of around 2,000 metres, Saipem had launched some initial activities (i.e., detailed engineering and procurement of long lead items) and received the authorisation to proceed with the implementation of the remaining project activities. Saipem's activities include the detailed engineering, procurement and the construction and installation (EPCI) of a subsea production facility;
for BP, the EPCI contract is part of an integrated project known as Tangguh UCC Project comprising of Ubadari, located in Papua Barat Province, Indonesia. The scope of work includes the engineering, procurement, construction and installation of two wellhead production platforms, a wellhead platform for the re-injection of CO2 and approximately 90 kilometres of associated pipelines;
for Shell, for the Bonga North Project, relevant to the development of a deepwater oil field, 130 kilometres off the coast of Nigeria. The project is related to the tieback of wells to the existing FPSO. Saipem's scope of work encompasses the Engineering, Procurement, Construction and Installation (EPCI) of risers, flowlines, subsea umbilicals, and associated subsea structures;
for Saudi Aramco, two offshore contracts in Saudi Arabia as part of the Long-Term Agreement (LTA). Activities for the first contract include the engineering, procurement, construction and installation (EPCI) of three production modules (PDMs), 33 kilometres of subsea rigid pipelines and 34 kilometres of subsea power cables. These infrastructures will be installed at the Marjan field. The second contract covers the EPCI of three jackets, five production modules, 22 kilometres of subsea rigid pipelines and 35 kilometres of subsea electrical cables. This infrastructure will be installed at the Zuluf and Safaniyah oil fields;
for Azule Energy Angola, the Ndungu Field project, part of the Agogo Integrated West Hub project located around 180 kilometres off the coast of Angola. The activities concern the engineering, fabrication, transport and installation of around 60 kilometres of rigid pipes and subsea structures at a depth of around 1,100 metres and the transport and installation of pipes, flexible connectors and 17 kilometres of umbilical cables;
for TotalEnergies E&P Angola, the Kaminho project as part of the development of the Cameia and Golfinho oil fields, located around 100 kilometres off the coast of Angola, the scope of works for which includes engineering, procurement, supply, construction, installation, pre-commissioning and assistance for commissioning and the start-up phase of a SURF (Subsea, Umbilicals, Risers, Flowlines) package, which includes around 30 kilometres of pipelines, risers and umbilicals;
for Northern Endurance Partnership (NEP), a project for the development of offshore facilities for the transportation and storage of CO2 of the East Coast Cluster in the United Kingdom. the scope of work covers the Engineering, Procurement, Construction and Installation of approximately 145 kilometres offshore pipeline with associated landfalls and onshore outlet facilities for the NEP project;
for Saudi Aramco, two offshore projects in Saudi Arabia as part of the Long-Term Agreement (LTA) in force. In particular, the activities for the first project include the engineering, procurement, construction and installation (EPCI) of a crude oil trunkline measuring around 50 kilometres for the Abu Safa oil field, while those relating to the second project concern the Berri and Manifa oil field production maintenance programme;
for BP Exploration and a consortium composed of Saipem Contracting Netherlands BV, BOS Shelf Llc and BOS Shelf International FZCO, a framework agreement which provides for the execution of offshore activities in the Azerbaijani waters of the Caspian Sea using the SCV Khankendi vessel. The activities include the operational management of the vessel and the supply of the crew, with which it will carry out offshore activities for the Shah Deniz and Azeri-Chirag-Gunashli fields, located off the coast of Azerbaijan. The consortium will be responsible for the engineering, procurement, construction and installation of subsea infrastructure and life-of-field services.

Work performed

Below are the main projects of the Asset Based Services business line that were underway or were completed in 2024.

America

- In Guyana, for ExxonMobil:

works continued on the Yellowtail project, including the installation of umbilicals, risers, and flowlines; installation activities began in 2024 and will continue in 2025; the vessels FDS 2 and Saipem Constellation are being used;
work continues on the Uaru project, which involves the design, fabrication and installation of subsea structures, risers, flowlines and umbilicals for a subsea production facility; the installation work is scheduled to take place in subsequent years using the vessels FDS 2, Saipem Constellation and Castorone;
activities began on the Whiptail project, the scope of works of which includes the engineering, procurement, construction and installation (EPCI) of a subsea production system to be implemented in subsequent years using the vessels Castorone, FDS 2 and Saipem Constellation.
- In the Gulf of Mexico for Chevron, the activities were completed for the Jack and Saint Malo JSM-4 project, the scope of which includes the engineering, transport and installation of two modules (a generation module and a water injection module) on the client's existing/operating FPU facility.

In Brazil:

- for Petrobras:

the activities continued for the Buzios 5 project, the aim of which includes procurement, fabrication, and installation of Steel Lazy Wave Risers (SLWR), umbilicals, manifolds, flowlines, well connections, and related facilities for the development of the Buzios field; the project used the vessel FDS;
work continued on the execution of the Buzios 7 project, which includes the engineering, procurement, construction, and installation of the SLWR and the corresponding interconnecting flowlines between the subsea wells and the FPSO unit, as well as the associated service lines and control umbilicals. In addition, Saipem will be responsible for the supply and installation of the FPSO unit's anchors and its attachment to the reservoir. During the year, activities began for the offshore installation with the use of the vessels FDS and Normand Maximus;
- for the TotalEnergies Lapa Southwest project, works continued on the engineering, procurement, construction and installation of subsea umbilicals, risers and flowlines, as well as subsea production systems; the installation activities are scheduled to begin in 2025;
- for Equinor, activities continued on the Raia project, the scope of which includes the engineering, procurement, transport and offshore installation of a subsea pipeline to export gas and the associated structures, in deep waters, and the horizontal drilling activities for the coastal landfall; the vessels Castorone and Castoro 10 will be deployed.
- In Argentina, the activities relating to the Fenix project were completed for the laying of a 37-kilometre pipe; the operational activities were performed in the second \half of 2023 using the pipelay vessel Castorone.
- In Suriname, activities began for the Block 58 project, the scope of which includes the engineering, procurement, supply, construction, installation, pre-commissioning and commissioning assistance as well as the start-up of the Subsea Umbilicals, Risers, Flowlines (SURF) package.

North Sea

In Great Britain:

- for EnQuest:

works continued on the Thistle project relating to the decommissioning of the Thistle A platform, located approximately 510 kilometres north-east of Aberdeen and at a depth of 162 metres; the work includes the engineering, preparation, removal and disposal of the jacket and topsides, with possible extension to further subsea structures, and will be carried out by Saipem 7000;
works continued on the Heather project relating to the decommissioning of the existing infrastructure at the Heather oil field, located approximately 460 kilometres north-east of Aberdeen; the work involves the engineering, preparation, removal and disposal of the upper jacket of the Heather platform using the Saipem 7000;

- for Northern Endurance Partnership (NEP) and Net Zero Teesside Power (NZT) engineering activities began on two projects for the development of offshore structures for CO2 transport and storage on the East Coast Cluster in the United Kingdom. The scope of works includes the engineering, procurement, construction and installation of a 143 kilometres offshore pipeline, with related landfalls and onshore control and inspection facilities for the NEP project, and the engineering, procurement, construction and installation of the water evacuation line for the NZT project.

Saipem DIRECTORS' Consolidated Statutory ANNEXES at a glance REPORT financial statements financial statements

- In Norway, for Equinor, work continued on the Irpa project for the installation of an 80 kilometre pipe-in-pipe pipeline that will connect the subsea production facilities of the Irpa field to the existing Aasta Hansteen platform; the installation operations are scheduled for 2025 and will be carried out by the pipelay vessel Castorone.
- In Germany, for Gascade, activities were completed for the Ostsee project, for the transport and laying of a gas line measuring around 50 kilometres and the implementation of the related landfalls, using the Castoro 10 pipelay vessel.

Mediterranean and Black Sea

- In Egypt, for Petrobel, work continued on the Zohr project for the transportation and installation of high and low-voltage umbilicals and various subsea structure.
- In Greece, for Gastrade, activities were completed on the Alexsandroupolis project. The works included the engineering, procurement, construction of a subsea system, a mooring system for the connection of an FSRU to the national gas transport network.

- In Italy:

for Eni, the work continued under the Cassiopea project for the transportation and installation of a rigid pipeline, umbilicals and flexible lines, and the construction of a shore approach;
for Snam Rete Gas, works continued on the FSRU Ravenna project. The activities consist in the engineering, procurement, construction and installation of a new offshore structure, linked to an existing one, for the landing and mooring of a floating storage re-gasification unit (FSRU), to be connected to the mainland by an 8.5-kilometre offshore pipeline, plus 2.6 kilometres onshore and a parallel fibre optic cable.
- In Turkey, for Turkish Petroleum, work continued on the Sakarya 2 project, which involves the execution of a FEED (front-end engineering and design) as well as the engineering, procurement, construction and installation of a pipeline at a depth of 2,200 metres; the installation operations began in the second half of 2024 using the vessel Castoro 10 and will continue in 2025 with the Castorone.
- In Romania, for OMV-Petrom, work continued on the Neptun project, involving the engineering, procurement, construction and installation (EPCI) of a gas treatment platform at a depth of approximately 100 metres, the development of two subsea fields (at a depth of between 100 and 1,000 metres), a gas pipeline of around 160 kilometres and an associated fibre optic cable from the platform to the coast. The gas treatment platform will be built in the Group's yards in Italy and Indonesia.

Africa

In Angola:

- for Azule Energy:

activities continued on the Agogo Full Field project for the construction and installation (EPCI) of rigid pipein-pipe flowlines with associated subsea structures; the installation activities began in the second half of 2024 using the vessel FDS 2;
work continued on the Quiluma and Maboqueiro WP5A project for the EPC-based construction of a jacket and deck and the execution of the related hook-up and commissioning;
activities began in the Ndungu project, awarded in 2024, the scope of which includes the engineering, manufacture, transport and installation of around 60 kilometres of rigid pipelines and subsea structures at a depth of 1,100 metres and the transport and installation of pipelines, flexible connectors and 17 kilometres of umbilicals;

- for TotalEnergies, activities began on the Kaminho project, awarded in 2024, the scope of which includes the engineering, procurement, supply, construction, installation, pre-commissioning and assistance to commissioning and the start-up phase of a SURF (Subsea Umbilicals, Risers, Flowlines) package, including around 30 km of pipelines and risers and umbilicals; the associated structures will be manufactured in the Saipem yard in Ambriz, Angola.

Saipem DIRECTORS' Consolidated Statutory ANNEXES at a glance REPORT financial statements financial statements

- In Mauritania and Senegal, for BP, work continued on the development of the Tortue project, the scope of which includes the engineering, procurement, fabrication, installation, hook-up, and commissioning of a breakwater, the associated jetty, and a raised platform for the transport of gas, the hook-up of an FPSO and an FLNG in the Greater Tortue Ahmeyim complex; The structures were built in the Saipem base in Karimun (Indonesia).
- In Libya, for Mellitah Oil & Gas, activities continued on the Bouri Gas Utilisation project, which includes the engineering, procurement, fabrication, installation and commissioning of a gas recovery module of approximately 5,000 tonnes on the existing DP4 offshore structure, and the laying of 28 kilometres of pipeline connecting the DP3, DP4 and Sabratha platforms.
- In the Ivory Coast, for Eni, work was completed on the Baleine SURF phase 1 project for the development of the field of the same name. Activities also continued on the Baleine project phase 2; the scope of works includes the engineering, procurement, construction and installation (EPCI) of around 20 kilometres of rigid pipelines, 10 kilometres of risers and flexible jumpers and 15 kilometres of umbilicals connected to a bespoke floating unit. The installation works were completed using the vessels Saipem Constellation and FDS.
- In Nigeria, for Shell Nigeria Exploration and Production Co Ltd (SNEPCo), the engineering and procurement works began for the Bonga North project, for which the scope of works includes the engineering, procurement, construction and installation (EPCI) of risers and flowlines, subsea umbilicals and associated subsea structures.

Middle East

- In Saudi Arabia, for Saudi Aramco, works continued on the Long Term Agreement. With reference to projects already awarded in previous years (prior to 2024), engineering, procurement and fabrication activities continued and activities began on the offshore installation, using the vessels Dehe, Saipem Endeavour and Bautino, as well as third-party vessels. In relation to projects awarded in 2024, mentioned in the previous section on contract awards, engineering, procurement and fabrication activities have started.

- In Qatar, for Qatargas:

work continued on the North Field Production Sustainability (NFPS) EPCOL project, which involves the engineering, procurement, construction and installation of both subsea and onshore pipelines, jackets and wellhead platforms and risers, as well as the related support activities; the fabrication activities involve the use of the Karimun yard in Indonesia;
work continued for the North Field Production Sustainability (NFPS) EPC 2 project, which involves the engineering, procurement, fabrication, and installation of two offshore natural gas compressor stations to support the production in the North Field, including two of the largest compression platforms on steel jackets ever built, interconnection bridges, accommodation modules, and interface modules. The fabrication activities involve the use of the Karimun yard in Indonesia;
activities have started on the North Field Production Sustainability (NFPS) COMP3A & COMP3B project, which also includes the procurement, fabrication and installation of six platforms, as well as the installation of rigid subsea pipelines in anti-corrosion alloy, composite underwater cable and fibre optic cables as well as other subsea structures. The fabrication activities involve the use of the Karimun yard in Indonesia.
- In the United Arab Emirates, for ADNOC, works continued on the Hail and Ghasha project, the scope of which includes the engineering, procurement and construction (EPC) of four drilling centres and a treatment plant to be built on artificial islands, as well as various offshore structures and 300 kilometres of subsea pipeline for connecting the drilling centres to the offshore treatment plant for carrying the oil to the mainland. The project

also includes the engineering, procurement and installation of 80 kilometres of power cables and 70 kilometres of umbilicals to carry electricity to offshore rigs. Offshore installation activities are planned to start in 2025.

Caspian Sea

In Azerbaijan:

- for BP:
the work was completed on the Shah Deniz Call-off 007 project;
as part of the framework contract mentioned in the "Orders intake" section, activities began for the engineering, procurement, construction and installation of subsea infrastructures and life of field services using the vessel SCV Khankendi;
- for TotalEnergies and Bos Shelf, works were completed on the Absheron URF (including the engineering, procurement, construction and installation of pipelines and umbilical systems) and Absheron T&I (installation of jackets and platforms) projects.

Australia

- for Chevron, preparatory work continued on the Jansz-lo project, which includes the transport and installation of a subsea compressor station, manifold, field control station, as well as umbilicals and other facilities. The offshore operations began in the last quarter of 2024;
- for Woodside, the works for the Scarborough project were completed, including the laying of a 400 kilometres large-diameter pipeline; the operations involved the vessels Castorone and Saipem Endeavour.

Indonesia

- for British Petroleum Berau activities began on the Tangguh UCC project, including engineering, procurement, construction and installation of two wellhead platforms, a CO2 re-injection platform and around 90 kilometres of associated pipelines.

Offshore Wind _________________________________________________________________________________________________________________________________________

Work performed

Below are the main projects that were underway during 2024.

In United Kingdom, for Neart na Gaoithe, as part of the NnG Offshore Windfarm project, Punch List items close out is ongoing. Take Over Certificates have been obtained, Performance Bond has been released and the Warranty Bond is now active with the Warranty period having commenced Final Performance Certificate will be released upon expiry of the warranty period, expected 2030.

In France, for Eoliennes Offshore du Calvados (EDF Renewables, Maple Power and Skyborne), Courseulles project, all required monopiles with relevant transition structures required to support the 64 wind turbine generators (WTG), are available for offshore installation. Two offshore locations have been drilled, for a total drilled length of 54 metres; subsequently monopiles installation at the first location has been completed. The drilling system will be transferred to a new third party jack-up vessel in 2025.

Main leased vessels as of December 31, 2024 ________________________________________________________

Dehe	Dynamically positioned vessel for laying pipes and lifting heavy loads of up to 5,000 tonnes, capable of deep-water installations up to depths of 3,000 metres and laying pipes with a tensioning capacity of up to 600 tonnes in S-lay mode.
Normand Maximus	Dynamically positioned vessel for laying umbilicals and flexible lines up to depths of 3,000 metres equipped with a 900 tonnes crane and a vertical tower with a tensioning capacity of up to 550 tonnes and the possibility to lay rigid pipes.
Vole au Vent	Jack-up for lifting and installing wind turbines at sea, equipped with a 1,500 tonnes crane and an on-board storage area of around 3,500 square metres able to work a depths of up to 90 metres and host up to 90 people on board.
JSD6000	Dynamically positioned vessel for S-Lay and J-Lay laying piping and heavy lifting. J-Lay system with 1,500 tonnes installation capacity and 2,000 tonnes retention capacity for the installation of quadruple and triple joints. S-Lay system with a holding capacity of 900 tonnes. The JSD6000 is also equipped with a fully slewing heavy-lift crane with a pull capacity of 5,200 tonnes.
GMS Endurance	Dynamically positioned, self-propelled and self-climbed jack-up vessel, with accommodation capacity for up to 210 people. It has a 300 tonnes crane and is capable of operating in water depths of up to 65 metres.
Normand Samson	Support vessel for for construction activities with dynamic positioning, with accommodation capacity for 100 people and 250 tonnes crane with plywood system. Equipped with a moonpool and two Remote Operated Vehicles (ROVs).

Offshore fleet as of December 31, 2024 ________________________________________________________________________

Saipem 7000	Self-propelled, semi-submersible, dynamically positioned crane and pipelay vessel capable of lifting structures of up to 14,000 tonnes and J-laying pipelines at depths of up to 3,000 metres.
Saipem Constellation	Dynamically positioned vessel for the reel-lay of rigid and flexible pipelines in ultradeep-water depths. It is equipped with a 3,000 tonnes crane and a laying tower (800 tonnes capacity) equipped with two tensioners each with a 400 tonnes capacity.
Saipem FDS	Dynamically positioned vessel utilised for the development of deep-water fields at depths of over 2,000 metres. Capable of launching pipes of up to 22" in diameter in J-lay configuration, able to lay quadruple joint pipes (52-metre strings) with a holding capacity of up to 750 tonnes and a crane with lifting capacity of up to 600 tonnes.
Saipem FDS 2	Dynamically positioned vessel used for the development of deep-water fields; it has a Jlay tower with a holding capacity of up to 2,000 tonnes; capable of launching pipes with a maximum diameter of 36"; able to lay quadruple joint pipes (52-metre strings) at depths of up to 3,000 metres. Also capable of operating in S-lay mode with a crane with a lifting capacity of up to 1,000 tonnes.
Castorone	Dynamically positioned pipelay vessel operating in S-lay mode with an S-lay stern stinger of over 120 metres consisting of three sections for shallow and deep-water operations, a tensioning capacity of up to 750 tonnes, pipelay capability of up to 60 inches, on-board manufacturing facilities for double and triple joints and pipe storage capacity in cargo holds.
Saipem 3000	Monohull, self-propelled, dynamically positioned lifting vessel, with drilling tower, capable of laying flexible pipes and umbilicals in waters up to 3,000 metres deep and lifting heavy loads of up to 2,200 tonnes.
Saipem Endeavour	Barge for lifting heavy loads and laying pipes (in S-lay mode), suitable for launching single- or double-joint pipes of up to 60" in diameter for shallow and deep-water operations, with a tensioning capacity of up to 260 tonnes, equipped with a floating launch ramp composed of three sections for deep-water operations, a mini ramp with adjustable structure for shallow-water operations, and a rotating crane with a 1,100 tonne capacity.
Castoro 10	Trench/pipelay barge capable of burying pipes of up to 60" diameter in shallow waters.
Castoro 12	Barge capable of laying pipes of up to 40" diameter in ultra-shallow waters of a minimum depth of 1.4 metres.
Bautino 1	Shallow water post trenching and backfilling barge.
Castoro XI	Heavy-duty cargo barge.
Castoro 14	Cargo barge.
S43	Cargo barge.
S44	Launch cargo barge, for structures of up to 30,000 tonnes.
S45	Launch cargo barge, for structures of up to 20,000 tonnes.
S46	Cargo barge.
S47	Cargo barge.

ENERGY CARRIERS, SUSTAINABLE INFRASTRUCTURES AND ROBOTICS & INDUSTRIALIZED SOLUTIONS

General overview

The Saipem Group's Onshore Engineering & Construction is focused on the execution of large-scale projects with a high degree of complexity in terms of engineering, technology, and operations, with a strong bias towards challenging projects in difficult environments and remote areas.

Saipem enjoys a worldwide leading position, providing a complete range of integrated basic and detailed engineering, procurement, project management and construction services, principally to the Oil&Gas, complex civil and marine infrastructure and environmental markets.

In the Sustainable Infrastructure segment, the Saipem Group is mainly active in the design and construction of complex infrastructure projects, especially in the transport sector, such as railway lines and in particular High Speed/High-Capacity lines. These are complex works in terms of engineering and construction requiring an increasing implementation of innovative digital and technological solutions capable of guaranteeing resilience and energy efficiency, and which meet the requirements of the European taxonomy (DNSH principle "Do No Significant Harm"), the classification system for environmentally sustainable economic activities, capable of meeting the Sustainable Development Goals (SDGs) included in the United Nations 2030 Agenda.

Energy Carriers ______________________________________________________________________________________________________________________________________

Market conditions

The onshore reference market recorded a significant increase in activity in 2024 compared to 2023, particularly in the upstream (e.g., floaters) and midstream (LNG and regasification) segments. Growth spanned across all geographical areas, except for Russia, with particular visibility in the Saipem Group's main areas of interest, such as the Middle East, Africa, Europe and Asia.

In terms of the ongoing activities in the various markets, the relevance of the midstream and downstream segments strengthened, with several significant developments in the gas monetisation and fertiliser sectors in the Americas, Africa, the Middle East and Europe, and in the upstream and petrochemical sectors in the Middle East and Asia. The LNG and regasification market, developing rapidly following the Russia-Ukraine conflict, records the relaunch of initiatives in the Middle East and in Africa, primary sources for gas supply alternative to Russian gas. In the upstream field, the market has continued to recover since 2023, particularly in the Middle East (e.g. United Arab Emirates, Qatar and Saudi Arabia). In the Floaters segment, significant volumes are confirmed in Latin America (Brazil) and Africa.

With reference to low-carbon technologies (hydrogen, biofuels, biochemistry and CO2 capture), visibility of new projects in Europe, North Africa, the Middle East and Asia continues to increase.

Capital expenditure

Capital expenditure in 2024 in the Energy Carriers business line mainly related to the acquisition and maintenance of equipment.