Saipem

Earnings Release • Apr 27, 2016

FIRST QUARTER 2016 RESULTS PRESENTATION

27 April 2016

Saipem. Engineering Energy

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), 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.

TODAY'S PRESENTATION

Q1 HIGHLIGHTS

• Results on track
• Operating margins €179mn, underpinned by Offshore performance
• E&C Onshore positive for the 3rd consecutive quarter
• Onshore Drilling results impacted by challenging environment in South America
• Net Debt at €2.0bn
• Leverage* below 1.7x as per target
• Backlog: €14.0bn
• Near-term order visibility on a number of sizable forthcoming projects
• Fit For the Future programme increased to €1.7bn
• Additional savings identified for €200mn
• Scrap/disposal of two further vessels

2016 Guidance confirmed

1Q 2016 RESULTS

1Q 2016 RESULTS YoY comparison (€ mn)

1Q 2016 NET DEBT EVOLUTION (€ bn)

BUSINESS REVIEW AND UPDATE ON COST OPTIMISATION

1Q 2016 BACKLOG (€ mn)

NEAR TERM E&C OPPORTUNITIES

• Eni Shorouk (Zohr) development Phase 1 – subsea/pipelines
• BP Tangguh – offshore fixed facilities and pipelines
• BP Shah Deniz Ph.2 CO 007 – subsea facilities
• Eni West Hub – subsea facilities
• Saudi Aramco LTA - offshore fixed facilities
• BP Tangguh – LNG
• CFE pipelines – onshore pipelines/ facilities
• BUP Baltic Urea Ammonia – downstream

Potential project awards of approximately €5bn

E&C OPPORTUNITIES

Americas

• ExxonMobil Liza – subsea (post 2016)
• Kinder Morgan – onshore pipelines
• Codelco Rodomiro Tomic – onshore pipelines1
• Shell LNG Canada – LNG2

West and North Africa

• Eni Shorouk future dev. – subsea/pipelines (post 2016)
• BG Burullus Phase IXB – subsea
• Eni Zabazaba – FPSO and subsea (post 2016)
• Eni Loango field development – fixed facilities
• BP Platina URF – subsea (post 2016)
• Exxon Qua Iboe Power Plant – downstream
• Quantum Methanol (early works) – downstream3
• E-Chem Petrochemical Complex – downstream (post 2016)

Asia Pacific

• Hess Equus – subsea/offshore pipelines (post 2016)
• Chevron Gehem Gendalo – FPU and subsea (post 2016)
• Shell Inpex Masela FEED – FLNG and subsea (post 2016)
• Agri Nutrients Balance Ammonia/Urea – downstream
• 1. Engineering phase ongoing. Execution phase subject to obtainment of environmental permits.
• 1. Preselected contractor for FEED and EPCM execution. Ongoing OBE updating to consolidate basis for client final investment decision.
• 1. Early Works awarded.
• 1. Selected contractor, award subject to client final investment decision.

Europe/ CIS and Central Asia

• Lukoil Filanovsky Phase 2 – offshore pipelines
• TANAP – offshore pipelines
• o Nord stream 2 – offshore pipelines - New
• INA Refinery – downstream
• Gazprom Moscow Refinery Upgrading FEED – downstream
• Re-gas LNG Terminal – LNG
• o SEIC Sakhalin 2 LNG extension - LNG (post 2016) - New

Middle East

• S. Aramco Hasbah – offshore fixed facilities
• S. Aramco Safanya LTA development – offshore fixed facilities
• QP Bul Hanine EPCI – offshore fixed facilities (post 2016)
• KNPC New Refinery pipeline – onshore pipelines
• ADCO BAB Integrated Facilities – upstream
• BGC Ar Ratawi NGL Gas Plant – upstream (post 2016 )
• S. Aramco Uthmaniyah Gas Plant - upstream
• KOC GC32 – upstream (post 2016)
• ADCO Al Dabbi'ya ASR Development – upstream
• DUQM Refinery – downstream
• Oman TTC Ras Markaz Terminal – downstream (post 2016)

East Africa

• Eni Mamba – subsea (post 2016)
• Anadarko Golfinho – subsea
• o Eni Onshore – LNG – New (post 2016)
• Anadarko Onshore – LNG4

UPDATE ON DRILLING

Offshore Drilling fleet contracts

Onshore drilling fleet 1Q16 utilization rate: 74.6%

FIT FOR THE FUTURE PROGRAMME

Creating a leaner organization

CONCLUSIONS

APPENDIX

REMINDER: 2016 GUIDANCE

Metrics	FY 2016
Revenues	 >€11bn
EBIT % margin	 >€600mm  ~5.5%
Net profit	 ~ €300mm
CAPEX	 ~ €500mm
Net financial position	 <€1.5bn

BACKLOG BY YEAR OF EXECUTION (€ mn)

BREAKDOWN OF SAIPEM BACKLOG

€14.0bn at March, 31 2016

By Geographic Area

E&C Backlog Oil/ non-oil price driven