Saipem Strengthens Offshore Engineering with Acquisition of Moss Maritime and Petromarine

 July 23, 2001; h 12:00

Saipem, an Eni group Company, has acquired Moss Maritime AS, a Norwegian
engineering company skilled in the design of floating oil production and process systems,
liquified natural gas (LNG) carriers and semisubmersible drilling units.

The Moss Maritime acquisition significantly strengthens Saipem’s engineering capabilities
in floating production systems, and particularly deepwater dry completion technology,
thanks to a very promising concept developed and tested by Moss Maritime.

The Moss Maritime acquisition for a price of approximately $US 55 million is subject to
approval of the competent Norwegian authorities.

Saipem has also acquired Petromarine, an American engineering company based in the
strategic Gulf of Mexico area, with operations in Houston and New Orleans, for a price of
approximately $US 10 million (including financial debt).

These acquisitions significantly enhance Saipem’s capability to offer integrated
engineering, procurement, construction and installation solutions to the offshore oil & gas industry.

S. Donato Milanese, 23 July 2001