Saipem adopts the new corporate governance code

 December 14, 2006; h 14:24

San Donato Milanese (Milan), 14 December 2006 – The Directors of Saipem met today to discuss
the company’s compliance with the guidelines and recommendations set out in the new version of
the corporate governance code for listed companies, issued on 14 March 2006.

The Board of Directors resolved to comply with the new version of the Code and agreed that any
measures necessary to comply with any of its recommendations, which are not currently met by
Saipem, will be taken in early 2007.
The corporate governance report, to be published in conjunction with the approval of the 2006
Annual Report, will comment on such measures.

Saipem, 43% owned by Eni, 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.it
Switchboard: +39-025201
Shareholder Information:
Saipem S.p.A., Via Martiri di Cefalonia, 67 - 20097 San Donato Milanese (MI), Italy
Relations with institutional investors and financial analysts:
Tel.: +39-02520.34653
Fax: +39-02520.54295
E-mail: investor.relations@Saipem.eni.it