Saipem awarded new drilling contracts amounting to over 285 million usd

 January 19, 2005; h 12:00

Saipem has been awarded new contracts for the charter of onshore and offshore drilling rigs, for a
total value in excess of 285 million USD.

Onshore Drilling
Saipem has been awarded the contract to perform drilling activities in Block D of the Kashagan
field in the Caspian Sea. The contract, awarded by Agip KCO (operator of the North Caspian Sea
Production Sharing Agreement – PSA) following an international tender, comprises drilling
activities to be carried out utilising two drilling rigs owned by the client. Installation activity is
scheduled to be completed by December 2005 and April 2006 respectively. Operational activities
are expected to last approximately five years from the commencement of rigs utilisation.

Furthermore, Saipem has been awarded new contracts, whose duration ranges between 3 and 36
months, for the charter of 8 onshore rigs in Saudi Arabia, Algeria, Venezuela and Peru.

Offshore Drilling
Saipem has been awarded two contracts involving the offshore drilling rigs Perro Negro 2 and Perro Negro 4.
The first contract, awarded by Saudi Aramco, concerns the extension for an additional three years
of the charter contract for the jack-up Perro Negro 2 for activities to be performed offshore Saudi
Arabia starting from the second half 2005.
The second contract involves the renewal of Perro Negro 4 utilisation by Petrobel for two years.
The shallow water jack-up will be utilised for workover activities on the Belaym field offshore Egypt.

San Donato Milanese, 19^th January 2005

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