Saipem

Investor Presentation • Mar 2, 2021

SAIPEM ANALYST DAY 2021

2 MARCH 2021

FORWARD-LOOKING STATEMENTS

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

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

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

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

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

TABLE OF CONTENT

• 01 OPENING REMARKS AND STRATEGY UPDATE
• 02 FOCUS ON DIVISIONS
• 03 Q&A
• 04 APPENDIX

OPENING REMARKS AND STRATEGY UPDATE

FY 2020 OPENING REMARKS

RESILIENT IN UNPRECEDENTED SITUATION

• Protecting people top priority; early actions taken to keep operational momentum and protect financials
• FY2020 volumes supported by recovery in 4Q; margins subdued
• Delivered 2020 cost efficiency plan (€190mn) and capex reduction by c.€280mn1
• Net debt post IFRS-16 at c.€1.2bn, outstanding performance vs expected2 €1.6bn
• c.€8.7bn order intake in FY 2020, of which c.90% non-oil, leading to BtB at c.1.2x (1.7x in 4Q)
• c.€25bn3 backlog provides solid support for the mid-term
• Key E&C onshore projects substantially de-risked
• No significant backlog cancellations

WELL-PLACED FOR MID-TERM RECOVERY; LEADING THE NEW ENERGY PARADIGM

¹ Reduction vs former FY2020 capex guidance of c.600 million EUR (withdrawn on 15 April 2020) 2 Expectation shared during 9M 2020 results conference call ³ Of which c.€2.9bn non-consolidated

STRATEGY UPDATE

ENERGY INTEGRATOR, SHAPING THE LOW-CARBON WORLD

SUSTAINABLE EXPOSURE TO ENERGY TRANSITION

INDUSTRY WIDEST & FUTURE-PROOF TECHNOLOGY PORTFOLIO

COMBINATION OF SECULAR AND CYCLICAL EXPOSURE FOR LONG-TERM GROWTH

NEW GHG EMISSION TARGET

DRIVING ESG PERFORMANCE AHEAD

A TOP PRIORITY FOR CEO AND BoD

• Active and regular engagement with stakeholders to set priorities (e.g. materiality assessment)
• Advanced monitoring system to track and report on ESG performance
• Top-management remuneration linked to ESG targets, among which:
• GHG emission reduction
• Safety performance
• Gender diversity
• Innovation

TOP-RANKED AND INCLUDED IN KEY SUSTAINABILITY INDICES

Confirmed as the sector's leader in DJSI World and Europe indices

Wall Street Journal

1st Italian and 23rd globally among the 100 Most Sustainably Managed Companies in the World

Refinitiv

Score 91/100 Ranked 1st place among peers

REDUCING GHG SCOPE 1&2 EMISSIONS BY 50% IN 20351, SCOPE 2 NET-ZERO BY 2025

FOCUS ON DIVISIONS

E&C OFFSHORE STRATEGY

THREE-PILLAR STRATEGY

• Consolidate Middle East
• Gain in Americas and North Sea
• Selective in Asia Pacific
• Rationalize footprint

• Rejuvenate fleet

• Addressing offshore wind globally

• Scouting CCUS and H2 opportunities
• Integrator of new energy technologies
• Keep on decommissioning
• Fleet GHG management

CORE GREEN SOLUTIONS

• Subsea robotics
• Digitalization
• Client GHG reduction (Sofresid)
• Client performance enhancement
• Expand O&M1 in wind

SHAPING THE LOW-CARBON WORLD: E&C OFFSHORE OFFSHORE WIND

OFFSHORE WIND ANNUAL AVERAGE ADDRESSABLE MARKET 2021-2023 c.€4bn1

FIXED WIND FARMS

c.20% OF CURRENT E&C OFFSHORE BACKLOG2

IN-HOUSE EPC CAPABILITIES:

• Engineering
• Fabrication
• Installation

PRESENTLY EXECUTING:

• NNG, Scotland
• Formosa 2, Taiwan
• Fecamp, France
• Courseulles, France (awarded)

VESSEL AVAILABILITY:

• Saipem 7000
• Saipem 3000
• De He3
• Saipem Constellation

FABRICATION CAPACITY:

Karimun Yard

FLOATING WIND FARMS

• LONG-TERM EXPERIENCE IN FLOATING MARINE STRUCTURES
• TARGETING LONG-TERM MARKET GROWTH
• BECOME A TECHNOLOGY PROVIDER

HEXAFLOAT CONCEPT

SHAPING THE LOW-CARBON WORLD: E&C OFFSHORE

CARBON CAPTURE, HYDROGEN AND OTHERS

CCUS & H2 INFRASTRUCTURE

CO2 STORAGE IN DEPLETED RESERVOIRS

• Retrofitting of existing facilities
• New infrastructure

H2 BACKBONE

DECARBONIZED OPERATIONS

• DRONES FOR IMR1
• Hydrone
• Flatfish

TECHNOLOGIES

SUBSEA PROCESSING (e.g. HiSep)

• NEW PRODUCTS (e.g. Sofresid)
• Elemanta
• Hybsea

CROSS-DIVISIONAL INNOVATION ENGINE

• Early Engagement with Clients through premium services
• Develop Innovation to enhance Energy Transition and reduce Carbon Footprint
• Unlock opportunities for E&C divisions while keeping financially sustainable status

MISSION

Decarbonization to sustain business

End-to-end proposition for Renewables and Green technologies integrated with conventional fossilbased processes

Circular economy satisfying human need

Focus on key technology building blocks for reducing waste (chemical recycling, pyrolysis, oxy-combustion)

Setting the way for a closer and diversified energy mix future

i.e. Enabling new flexible energy storage & carriers (including green H2) for boosting renewable energy

Scouting development of new business models

Identifying an early pipeline of projects to be developed up to the authorization. Sold to a third party @ Ready to Build with EPC execution handed over to the E&C divisions

ENGINEERING HOURS ON GREEN&RENEWABLES: 2X IN 2020 VS 2018

SHAPING THE LOW-CARBON WORLD:

GREEN HYDROGEN AND EMERGING RENEWABLES

GREEN HYDROGEN

• Agnes project Ravenna (IT)
• Offshore wind farm
• Floating solar park
• 4 x 25 Mw Electrolyzer for H2 production both onshore and offshore, in collaboration with eni
• Modular electrolyzer concept for repurposing of disused offshore assets Suiso™

FLOATING SOLAR PANEL PARK

• Technological cooperation with Equinor for open sea/harsh environment
• Cava Manzona floating solar park in calm waters Ravenna (IT), 34Mw

FLOATING WIND - HEXAFLOAT

• MoU with Plambeck for a floating wind farm in Saudi Arabia
• Agreement with CNR for research on floating foundations

MARINE WAVES

MoU with Wello OY for development of a floating-hull technology to transform ocean waves motion into energy through a rotator connected to a generator

E&C ONSHORE: STRATEGY

RESETTING THE DESTINATION BY ACCELERATING THE 3D STRATEGY

¹ Company estimates based on visible market opportunities and elaboration of external sources (e.g. McKinsey, Bain, BCG, Wood Mackenzie, IHS Rivalry and Rystad Energy)

SHAPING THE LOW-CARBON WORLD: E&C ONSHORE

LEADING THE TRANSITION WITH NATURAL GAS

SHAPING THE LOW-CARBON WORLD: E&C ONSHORE

APPLYING EXISTING CAPABILITIES

CO2 MANAGEMENT

GROWING MARKET MOMENTUM

• ~28 LARGE SCALE CCUS PROJECTS CURRENTLY UNDER-DEVELOPMENT WORLDWIDE
• ~\$3-5bn ANNUAL VISIBLE MARKET FOR ENGINEERING SERVICES AND EPC PROJECTS1

MASTERING THE ENTIRE VALUE CHAIN

• Designed and built 70+ CO2 removal plants worldwide
• Post combustion CO2 capture technology brought in with CO2 Solutions acquisition

Scouting opportunities in Italy (MoU with eni) and internationally

SOLID BACKGROUND IN PROCESS TECHNOLOGY, PIPELINE FLUID TRANSPORTATION AND REINJECTION

CAPTURE REUSE TRANSPORT STORAGE

HYDROGEN

SCOUTING THE MARKET

• CURRENT GLOBAL HYDROGEN MARKET VALUE ~\$16 BILLION2
• 2020-2025 GLOBAL ANNUAL HYDROGEN DEMAND FORECAST TO GROW AT 2.1% CAGR2

READY FOR BLUE WHILE PREPARING FOR GREEN

• Blue H2: new plants with SMR/ATR Coupled with CCS and upgrading of existing assets with CCS tech
• Green H2: giga electrolyze plants combined with renewables
• Pipelines and plants: blending with natural gas on existing infrastructure and pure H2 on existing or new infrastructures
• Fertilizers, Heating, Power: new green methanol/ammonia plants or upgrades; power generation blend with natural gas or pure; fuel for mobility

SHAPING A BETTER CONNECTED WORLD

TARGETING DEVELOPMENT OF SMART INFRASTRUCTURES

SUSTAINABLE MOBILITY

• HIGH-SPEED RAILWAYS
• FREIGHT RAILWAYS
• URBAN TRANSIT
• SMART CITIES

Annual visible market \$20bn1

1 Saipem estimates on railways and urban transit market, 2021-2024, based on McKinsey and Bain

MAIN RAILWAY PROJECTS:

• ETIHAD RAILWAY, UAE
• MILAN-VERONA HIGH SPEED LINE, IT

• MILAN-BOLOGNA HIGH SPEED LINE, IT

• CONCEPT FOR MESSINA STRAIT SUBSEA TUNNEL

• AROUND 6KM LONG TWIN TUNNEL FOR ROAD AND RAIL
• ALMOST ENTIRELY UNDER THE SEA, PRESERVING THE LANDSCAPE
• HIGHWAY & RAILWAY ONSHORE INTERCHANGES

OFFSHORE AND ONSHORE DRILLING: STRATEGY

RESILIENT AND READY FOR THE NEXT CYCLE

Early cycle segment – highly affected by crisis

Several key Offshore competitors under financial stress

MARKET

Expected cyclical improvement beyond 2021

Expected medium-term market recovery

• "Asset light" strategy to continue in Offshore
• Fleet resizing in Offshore: green recycling of 1 Semi at 2020 year-end and 2 Jackups by mid-2021
• Cost optimization and efficiency improvement to protect margins

Current oversupply of rigs is being rebalanced through attrition1

• Keeping high-quality standards through digitalisation, asset & operational excellence
• Scouting market for diversification and expansion (e.g. geothermal, LSTK, CO2 storage, artificial islands)

QUALITY NICHE POSITIONING

Small-medium size player with a good reputation on project execution

TOP CLIENTS

Synergic with E&C

STRENGHTENING OUR POSITION, AHEAD OF STRATEGIC OPTIONS

OFFSHORE AND ONSHORE DRILLING

MOVING BEYOND TRADITIONAL, AHEAD OF POTENTIAL STRATEGIC OPTIONS

DECARBONISATION AND ENERGY TRANSITION EXPLOITING OPPORTUNITIES

• DECOMMISSIONING
• CO2 SEQUESTRATION
• New wells for fields dedicated to CO2 storage
• Developing solutions and project execution standards
• GEOTHERMAL
• Drilling of wells in geothermal fields
• Cooperation with INGV1

NEW ADJACENCIES, BEYOND ENERGY

DEEP SEA MINING

• Activities: collection of polymetallic nodules from seabed

• Cooperation with Fincantieri

• Benefitting from mid-term expected market recovery

• Asset light opportunities from distressed situations: strengthening market position preserving profitability
• Active engagement in energy transition

ACTIVELY SCOUTING FOR POTENTIAL PARTNERS ONSHORE

PREPARING FOR MID-TERM STRATEGIC OPTIONS OFFSHORE

SYNERGIC WITH E&C

OFFSHORE DRILLING FLEET

*ENGAGEMENT FOR PRODUCTION SUPPORT

**LEASED VESSEL

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

Q&A

SAIPEM ANALYST DAY 2021

2 MARCH 2021

APPENDIX SLIDES FROM FY2020 PRESENTATION

FY 2020 RESULTS

YoY COMPARISON (€ mn – IFRS16)

FY 2020 RESULTS – E&C

YoY COMPARISON (€ mn – IFRS16)

|26 ¹ E&C Onshore including Floaters business and Xsight and not including results from investments

FY 2020 RESULTS – DRILLING YoY COMPARISON (€ mn – IFRS16)

• EBITDA margin improvement

538

|27

FY 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 provision for redundancy and the outcome of a litigation

FLEXIBILITY TO ADAPT TO MARKET EVOLUTION

In a volatile market, early actions taken to protect financials

• Efficiencies delivered in 2020: c.€190mn, of which c.€45mn structural

• Capex in 2020 reduced by c.€280mn1

• Efficiencies across the business

• Right-sizing support functions
• Reducing overheads
• Office and logistic base
• Extension of smart-working, G&A

Division-specific initiatives

• Offshore E&C fleet management Operational and logistic efficiencies
• Supply chain

New structural efficiencies of c.€30mn in 2021

c.€75MN LOWER COST BASE FROM STRUCTURAL SAVING ACTIONS IN 2020-2021

FY 2020 NET DEBT EVOLUTION

(€ bn)

4Q POSITIVE CASH FLOW PHASING

(€ bn)

Net debt pre-IFRS16

IFRS16 – lease liabilities

¹ Guidance issued on 26 Feb. 2020 with FY 2019 results, then withdrawn on 15 April 2020

² Expectation shared during 9M 2020 results conference call

³ Mainly driven by collection of overdue receivables

E&C OFFSHORE 4Q UPDATE

A MIXED PICTURE: RECOVERY OFFSET BY SOME PROJECT PERFORMANCE

• The expected recovery of both revenue and margins in 4Q vs 3Q did not materialise for E&C Offshore
• Slow progress on a project in the North Sea outweighed positive developments in 4Q, i.e.:
• recovery of some projects with slow progress in 3Q (e.g. Africa)
• progress in Asia Pacific, Caspian and Middle East
• increase of yard fabrication activity quarter-on-quarter

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

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

Africa: Mozambique Area 1 LNG

• Project on schedule
• No major disruption due to pandemic
• Security risks managed in strict coordination with Client
• Options under evaluation with the Client increasing modularisation

Saudi Arabia: Haradh, Hawiyah

• Schedule extension upon Client request
• Modularization and digitalization solutions developed to mitigate risks (Hawiyah)

Russia: Arctic LNG 2 GBS + Topsides

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

Saudi Arabia: Berri & Marjan

• Schedule extension upon client request
• Compensation mechanism in discussion with client for schedule modification to safeguard project cash flow

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, new schedule targets agreed with Client
• Covid-19 protocols applied to all personnel

1 Including non- consolidated

HIGH QUALITY 2021+ BACKLOG PROVIDES VISIBILITY

FY 2020 KEY COMMERCIAL E&C DEVELOPMENTS

A DIVERSIFIED SET OF AWARDS, BOOK TO BILL OF c.1.2x IN FY (o/w 1.7x in 4Q)

2021 KEY PROJECT ANNOUNCEMENTS TO-DATE A WELL DIVERSIFIED START OF YEAR FOR E&C OFFSHORE

Courseulles-sur-Mer Offshore Wind Farm BACKLOG 1Q 2021

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

HIGHLIGHTS:

Large steel monopiles with transition pieces Installation by Saipem 3000

North Field Production Sustainability (NFPS) offshore project BACKLOG 4Q 2020

• Client: Qatargas
• Location: Qatar
• Scope of work: Engineering, Procurement, Fabrication and Installation (EPCI) of offshore fixed facilities (4 wellhead platform topsides, 6 riser platforms), intra-field pipelines, subsea cables and significant offshore brownfield modifications at existing offshore facilities

HIGHLIGHTS:

Strategic project for the Country, increasing field production capacity by c. 43% to 110 million TPA Further consolidating presence in Qatar, in continuation of Barzan successful project Qatar-based execution scheme, also in view of expected large gas developments in the Country

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

CURRENT E&C BACKLOG INCLUDING NON-CONSOLIDATED INFRASTRUCTURES & OTHER NON-OIL GAS RENEWABLES & GREEN NON-OIL 76% OIL 24% UPSTREAM DOWNSTREAM 19% 5% 66% 6% 4%

FY 2020 BACKLOG DISTRIBUTION BY YEAR VISIBILITY UNDERPINNED BY PROJECT DERISKING (€ mn)

NON-CONSOLIDATED BACKLOG BY YEAR OF EXECUTION

2021	2022	2023+
1,218	652	1,026	€ mn

¹ E&C Onshore including Floaters business and XSight

BUSINESS SCENARIO1

• Backlog provides support to FY 2021 revenue; project progress is expected to lead to an EBITDA adjusted at a level similar to FY 2020
• Capex expected around €450mn in FY 2021

BEYOND 2021

As vaccination campaign evolves, backlog unwinds supported by execution, efficiencies and further recovery of commercial activity, we expect EBITDA adjusted to be back to growth, and to restart the deleveraging path

SOLID BALANCE SHEET AND LIQUIDITY

IMPROVED FINANCIAL FLEXIBILITY SUPPORTING BUSINESS EXECUTION

€mn

Solid liquidity

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

Well balanced debt structure

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

1 In addition to this amount, the Group has c.€1.0bn of restricted liquidity 2 Average cost of debt c.4% including treasury hedging

4Q 2020 RESULTS

QoQ TREND (€ mn – IFRS16)

4Q 2020 RESULTS - DIVISIONS QoQ TREND (€ mn – IFRS16)

¹ E&C Onshore including floaters business and XSight

|43