Press Release

 January 25, 2011; h 11:05

San Donato Milanese (Milan), 25 January 2011   –  With reference to the completion works of the Scarabeo 8 drilling vessel, Saipem informs that some changes are required, associated with the electrical and instrumentation installation in the double–bottom area of the vessel. The estimated delivery of the rig will be delayed by 6 months versus the previous forecasts, and is now expected in the fourth quarter 2011.
Scarabeo 8 is currently in the Westcon shipyard in Ølen, Norway, where it was moved at the end of October 2010 for the commissioning, operational tests, and replacement of some components damaged by the fire which occurred in June 2010.

Saipem is organised in three Business Units: Offshore, Onshore and Drilling, with a strong bias towards oil & gas related activities in remote areas and deepwater. Saipem is a leader in the provision of engineering, procurement, project management and construction services with distinctive capabilities in the design and the execution of large scale offshore and onshore projects, and technological competences such as gas monetisation and heavy oil exploitation.

Website: www.saipem.com
Switchboard:+39-02520.1
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Saipem S.p.A. - Via Martiri di Cefalonia, 67 - 20097 San Donato Milanese (MI) - Italy

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E-mail: investor.relations@saipem.com