SAIPEM Offering of Ordinary Shares

 February 26, 1998; h 12:00

The Board of Directors of Saipem, one of the world’s leading oil services
contractors, today announced further details of the Company’s Combined Offering
of Ordinary Shares to institutional investors in Italy and abroad:

• The price of Ordinary Shares in the offering will be Lit. 9.900.
• Total size of the Combined Offering: 100 million Ordinary Shares. The offering
  includes a primary placing of 40 million newly issued shares, resulting from a
  capital increase of Saipem, as well as a secondary offering consisting of 60
  million Ordinary Shares owned by ENI. The closing will take place on the 23rd
  March 1998. Additionally, ENI has granted the underwriters an option to acquire
  up to an additional 15 million shares.
• Value of the Combined Offering (including the greenshoe) at approximately Lit.
  1.140 billion or US$ 634 million.
• Offer well over-subscribed.
• Following the closing of the Combined Offering ENI’s holding of the Ordinary
  Share capital of Saipem will fall from approximately 66% to approximately 46%
  (or to approximately 43% if the over-allotment option is exercised in full).

For further information, please contact:

March 14, 1998