Saipem preliminary “(P) Baa3”rating placed under review for possible downgrade by Moody’s

Moody’s decision, which follows the one by Standard & Poor’s on February 4th 2016, is substantially based on the same considerations:  
• On the recent weakening of industry fundamentals and the consequent increase in the risk of project cancellations and/or delays and reduced capital spending by oil & gas companies  
• On the deterioration in the oil-price scenario which has occurred since October 2015, when Saipem was assigned its provisional rating, and which has caused Moody’s to downgrade its expectations for future oil prices.  
• On the potential impact of the weaker market context on Saipem’s future ability to generate cashflows in line with the strategic plan.  

In light of these considerations, Moody's will conduct an in-depth analysis over the next couple of months, assessing Saipem's ability to manage this industry downturn and the relative impacts on the backlog and financial results before reaching a decision on the potential downgrade. 

Saipem is one of the world leaders in drilling services, as well as in the engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil & gas market. The company has distinctive competences in operations in harsh environments, remote areas and deepwater. Saipem provides a full range of services with “EPC” and “EPCI” contracts (on a “turn-key” basis) and has distinctive capabilities and unique assets with a high technological content. 
 
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