Saipem has recovered Saipem 10000 BOP (Blow Out Preventer)

 November 16, 2001; h 12:00

Saipem (ENI Group) announces that the Blow Out Preventer (BOP) which
was accidentally lost on 17 September 2001 in 2100m water depth in
Equatorial Guinea was yesterday recovered on board its drillship Saipem 10000.

This achievement, that does not materially affect the recent statements
regarding the prospects for return to service of the S10000, is however of
considerable operational significance, since this complex recovery activity
took place at a record water depth, in a frontier exploration area, and in
record time.

The success of the operation has been possible thanks to the state-of-the-art
competence achieved by Saipem through its wholly owned subsidiary
Sonsub in subsea intervention using technology based on its remote operated
vehicles (ROVs).

San Donato Milanese, 16 November, 2001