Press Release

 February 11, 2002; h 12:00

Saipem S.p.A., with reference to directive n. 11971, May 14, 1999, article 82, paragraph 2,
point b of the Italian Stock Exchange Authority Consob – exemption from issuing the 2001
fourth Quarterly Report – will issue the consolidated financial statements approved by the
Board of Directors within 90 days after the fiscal year closure.

San Donato Milanese, 11 February 2002