FIRST QUARTER 2022 RESULTS

April 21st, 2022

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Highlights and business update

Agenda 1Q 2022 results

Appendix

Positive start of the year - 1Q 2022 Highlights

Financing package progressing in line with expected schedule

Irrevocable commitment by Eni and CDP Industria ("Main Shareholders") to subscribe the rights issue pro-rata to their respective stakes (c.43%)

The Main Shareholders paid 646M€ as contribution for future share capital increase at the end of March 2022: Eni 458M€ and CDP Industria ("CDP") 188M€

Eni portion of contribution for future capital increase already authorized to be accounted for as Equity

Liquidity facility up to 855M€ signed on 31 March 2022 with a pool of 8 Italian and international banks, guaranteed by Eni, and drawn for an amount of c. 680M€ on 4 April 2022

500M€ maturing bonds fully repaid on 5 April 2022

SACE board of directors approved - pending relevant ministerial approval - the issuance of a guarantee on the SACE facility in the framework of "Garanzia Italia" that will replace the liquidity facility guaranteed by Eni

S&P Global credit rating improved from BB- (CreditWatch Neg) to BB (outlook positive)

Process underway and Shareholders' Extraordinary Meeting to be held on 17 May 2022

Positive offshore commercial momentum Main awards 1Q 2022

DRILLING OFFSHORE E&C OFFSHORE

Scarabeo 8

Client: Aker BP
Location: Norway
Contract duration: 3 years + 2 1-year options, activities starting from end of 4Q 2022, upon termination of current engagement

Saipem 12000

Client: Eni
Location: West Africa
Contract duration: 6 months + options for 10 additional months, activities starting in April 2022

2 jack-up in Saudi Arabia

Client: Saudi Aramco
Location: Saudi Arabia
Duration: 5 years + options for 2 additional years
Drilling activities starting in 4Q 2022 for both contracts

Scarborough

Client: Woodside on behalf of the Scarborough JV
Location: Australia
Scope of work: coating, transportation and installation of a 430-km-long trunkline with a 36"/32" diameter at a maximum water depth of 1,400 meters

Leverage strong track record in very large/very long trunklines with the advanced pipelayer Castorone

Yellowtail

Client: Esso Exploration and Production Guyana Ltd (ExxonMobil)
Location: Guyana (Stabroek block)
Scope of work: SURF (EPCI of Subsea Umbilicals, Risers & Flowlines) at a water depth of around 1,800 meters. Saipem's fabrication facility in Guyana to build the deepwater structures

Strengthening our presence in a key Country for subsea developments

Capturing drilling offshore market upside

Well-diversified and sizeable backlog

Agenda

Highlights and business update

1Q 2022 results

Appendix

1Q 2022 group results YoY comparison (M€)

1Q 2022 results – E&C YoY comparison (M€)

Higher volumes driven by Middle East
Projects in traditional O&G business progressing well and contributing to adjusted EBITDA
High single digit margin, despite dilution from offshore wind projects, which are progressing in line with revised schedules but with neutral margin profile

Revenue increase Asia Pacific, Americas and Europe, offset by Sub-Saharan
Adjusted EBITDA reduction due to lower progress in Sub-Saharan and lower profitability in Middle East
Mozambique project still suspended with residual backlog at 3.5 B€
Backlog review impact weighed on adjusted EBITDA margin

1Q 2022 results – drilling YoY comparison (M€)

78 129 1Q21 1Q22 22 40 1Q21 1Q22 Revenue Adjusted EBITDA

Revenue increase mainly driven by Saipem 10000, Scarabeo 9 and the start of operations of new drillship Santorini
Adjusted EBITDA reflects revenue increase due to better utilization

Drilling offshore Drilling onshore

Revenue increase due to higher activity mainly in Middle East and partly in Latin America
EBITDA and EBITDA margin reflect revenue trend
Restart of further rigs in Middle East expected to further support margin

1Q 2022 results – P&L YoY comparison

	Group – Adjusted Income Statement1			Group – Reported Income Statement
M€	1Q 21	1Q 22	Var.	1Q 21	1Q 22
Revenue	1,618	1,942	324	1,618	1,942
Total costs	(1,530)	(1,797)	(267)	(1,545)	(1,810)
EBITDA	88	145	57	73	132
margin	5.4%	7.5%		4.5%	6.8%
D&A	(122)	(131)	(9)	(122)	(131)
EBIT	(34)	14	48	(49)	1
Financial expenses	(31)	(23)	8	(31)	(23)
Result from equity investments	(10)	(43)	(33)	(10)	(43)
EBT	(75)	(52)	23	(90)	(65)
Income taxes	(30)	(33)	(3)	(30)	(33)
Minorities	0	0	0	0	0
Net result	(105)	(85)	20	(120)	(98)

Excluding special items of 13 million euro related to Covid-19 costs

Net debt reduced by contribution for future capital increase

1Q 2022 Net Debt Evolution (B€)

Debt maturity profile and liquidity Analysis as of 31 March 2022

Bonds and banking facilities maturities (M€) - Total 3.35B€¹

Liquidity as of 31 March 2022 (B€)

Billion €	1Q 22
Gross Debt o/w	3.71
Bonds and banks	3.35
CDP contribution	0.19
Accruals and other financial debt	0.17
(Total liquidity)	(2.75)
Net Debt (pre IFRS 16)	0.95
IFRS 16	0.30
Net Debt (post IFRS 16)	1.25

Restricted liquidity mainly related to projects and local currencies

Closing Remarks

Positive start of the year, Q1 results driven by Offshore E&C and Drilling

Continuing offshore commercial momentum

Financing package progressing as expected

Shareholders' Extraordinary Meeting to be held on 17 May 2022 to resolve on:

Reduction of the share capital due to losses through the reduction of the number of ordinary shares (ratio 21 ordinary shares for every 100 ordinary shares)
Attribution to the Board of Directors of the power, to be exercised by 31 March 2023, to increase the share capital by 2 billion euros