Pr e se ntation to the F inanc ial Community Pr e liminar y 2010 Consolidate d Re sults F e br uar y 2011
F or war d- L ooking State me nts By the ir natur e , for war d- looking state me nts ar e subje c t to r isk and unc e r tainty sinc e the y ar e de pe nde nt on upon c ir c umstanc e s whic h should or ar e c onside r e d like ly to oc c ur in the futur e and ar e outside of the Company’s c ontr ol. T he se inc lude , but ar e not limite d to: mone tar y e xc hange and inte r e st r ate fluc tuations, c ommodity pr ic e volatility, c r e dit and liquidity r isks, HSE r isks, the le ve ls of c apital e xpe nditur e in the oil and gas industr y and othe r se c tor s, politic al instability in ar e as whe r e the Gr oup ope r ate s, ac tions by c ompe titor s, suc c e ss of c omme r c ial tr ansac tions, r isks assoc iate d with the e xe c ution of pr oje c ts (inc luding ongoing inve stme nt pr oje c ts), in addition to c hange s in stake holde r s’ e xpe c tations and othe r c hange s affe c ting busine ss c onditions. Ac tual r e sults c ould the r e for e diffe r mate r ially fr om the for war d- looking state me nts. T he F inanc ial Re por ts c ontain in- de pth analyse s of some of the afor e me ntione d r isks. F or war d- looking state me nts ar e to be c onside r e d in the c onte xt of the date of the ir r e le ase . Saipe m S.p.A. doe s not unde r take to r e vie w, r e vise or c or r e c t for war d- looking state me nts onc e the y have be e n r e le ase d, bar r ing c ase s r e quir e d by L aw. F or war d- looking state me nts ne ithe r r e pr e se nt nor c an be c onside r e d as e stimate s for le gal, ac c ounting, fisc al or inve stme nt pur pose s. F or war d- looking state me nts ar e not inte nde d to pr ovide assur anc e s and/ or solic it inve stme nt. 2
Pr e se ntation Outline F Y 2010 F inanc ial Re sults and Bac klog Analysis Oil & Gas Industr y Mar ke t Outlook Saipe m Pe r spe c tive s Offshore Onshor e Offshore Dr illing Be yond the Cape x Plan 2011 Guidanc e Saipe m 2011 & Be yond 3
4 inanc ial Re sults and Bac klog Analysis Y 2010 F F
F Y 2010 F inanc ial Re sults (Mln €) Re ve nue s E BIT DA E BIT Ne t Pr ofit Adjuste d 11160 11160 1836 % on 1836 1319 10292 Re ve nue s 1319 10292 % on Re ve nue s % on 1596 1596 Re ve nue s 1156 % on 1156 409 409 (7.8%) Re ve nue s 828 828 370 370 (7.1%) 5236 5236 338 338 (7.0%) 732 732 290 290 (6.0%) 4831 4831 193 (28.1%) 193 78 (11.3%) 78 161 (29.1%) 161 59 (10.6%) 59 402 402 (53.6%) 258 258 (34.4%) 688 287 688 287 192 (50.7%) 192 (33.9%) 554 554 750 750 566 566 832 832 613 (18.5%) 613 (13.7%) 4486 4486 810 615 810 615 (14.2%) (18.7%) 4341 4341 2009 2009 2010 2009 2009 2010 2009 2009 2010 2009 2009 2010 2010 2010 2010 2010 Offshor e Drilling Offshore Onshor e Onshor e All- time Re c ords a c ross the boa rd Propose d divide nd pe r share : € 0.63 (+14.5% ) 5 5
F Y 2010 F inanc ial Re sults (Mln €) Sour c e s and Applic ation of F unds, Cape x Cape x Ne t De bt & D/ E Ratio D/ E =0.80 D/ E =0.80 3263 3263 D/ E = 0.83 D/ E = 0.83 1615 1615 1545 1545 2845 2845 28 28 25 25 200 200 254 254 1000 1000 1816 1816 690 690 43 43 553 553 228 228 1398 1398 53 53 1545 1545 1345 1345 713 697 713 697 Ne t De bt Applic ation Sour c e s of Ne t De bt 2009 2010 2011 E 2009 2010 2011 E @ De c . 2009 of F unds F Y2010 F unds F Y2010 @ De c . 2010 Outflows Inflows Offshore Onshore Working Ca pita l Offshore Dr illing a nd Othe rs Ca sh from Disposa ls Onshor e Divide nds & Adjuste d Ca sh F low Share s Buybac k (Adjuste d Ne t Pr ofit + De pr e c iation) Ca pe x 6
F Y 2010 Contr ac t Ac quisitions & Bac klog (Mln €) Ne w Contr ac t Ac quisitions Bac klog 20505 20505 12935 12935 18730 18730 9917 9917 10543 10543 8035 8035 7744 7744 3665 3665 1487 1487 1064 1064 578 578 265 265 585 585 3778 3778 3354 3354 326 326 5089 5089 4600 4600 5544 5430 5544 5430 2009 2009 2010 2010 ‘ 09 ‘ 10 De c . 31, ‘ De c . 31, 09 De c . 31, ‘ De c . 31, 10 Offshor e Drilling Offshore Onshor e Onshor e All- time Re c ord Ba c klog (€ 20.5 Bln) 7 7
Bac klog Analysis Sa ipe m Bac klog € 20.5 Bln @ De c , 31 2010 by Clie nt by Ye ar of E xe c ution 4% 3% 13% 2011 29% 14% 2012 2013 36% 57% 2014+ 44% Ma jor & Supe rma jor Na tiona l 2011 Ba c klog split by Busine ss Unit Inde pe nde nt Othe rs* (*) Mainly-do wnstre am, 704 704 4757 4757 3156 Smalle r and Othe rs 3156 412 412 Off. On. On. Off. Offshore Onshore Offshore Onshore Drilling by Country – L oc a l Conte nt F oc us by Ge o Are a 5% 13% 7% 5% 5% 4% 15% 36% 4% 16% 27% of pr e se nt bac klog in Countr ie s whe r e Saipe m has a str ong L oc al Conte nt Commitme nt 17% 18% 64% Middle E a st North Afric a E urope Alg e ria Ang ola Ame ric a We st Afric a CIS Sa udi Ara bia Nig e ria Asia Pa c ific Ka za khsta n Othe rs 8 8
9 ke t Outlook y Mar Oil & Gas Industr
Oil & Gas Industr y Mar ke t Outlook Global E xploration and E &C Cape x Outlook Bln US$ 800 600 ‘E xplor ation, appr aisal & de ve lopme nt of we ll’ Cape x* 400 ‘E &C’ Cape x 200 Sour c e : De utsc he Bank & Wood Mac ke nzie 0 Jan. 2011 E E E 9 0 1 2 3 4 5 6 7 8 9 0 1 2 9 0 0 0 0 0 0 0 0 0 0 (*) E xc lude s rig c o nstruc tio n 1 1 1 9 0 0 0 0 0 0 0 0 0 0 1 2 2 2 2 2 2 2 2 2 2 0 0 0 se rvic e Cape x 2 2 2 Oil&Ga s Inve stme nts e xpe c te d to re turn to r d 2008 le ve ls in 2012… Oil&Ga s Inve stme nts e xpe c te d to re turn to re c ord 2008 le ve ls in 2012… e c or Global E &C Cape x Outlook +3% +2% - 10% +4% Bln US$ 500 400 Onshor e 300 200 Offshore 100 Sour c e : De utsc he Bank & Wood Mac ke nzie 0 Jan. 2011 2010E 2011E 2012E 2008 2009 … with E &C Ca pe x unde rpinning the re c ove ry … with E &C Ca pe x unde rpinning the re c ove ry Oil & Ga s Industry Ma rke t Outlook turning positive 10 10
Saipe m Pe r spe c tive s - Offshor e - Re c e nt History Re c e nt History - Saipe m Offshor e Bac klog - - Global Offshor e E &C Spe nding - Bln U S$ Bln € 200 8 - 7% +2% - 9% +16% 6 100 4 So urc e : DB 2 & Wo o d Mac ke nzie Jan. 2011 0 0 2008 2009 2010E 2008 2009 2010 Saipe m: re silie nt in tough time s Saipe m: re silie nt in tough time s Outlook Outlook - Global Offshor e E &C Spe nding F or e c ast - F DS 2 F DS 2 Usan F ie ld De ve lopme nt Bln U S$ 200 +13% L oc ation: Nige r ia +3% SoW: E PIC URF 100 So urc e : DB Ca storOne Walke r Ridge E xpor t Pipe line Ca storOne & Wo o d Mac ke nzie Jan. 2011 0 L oc ation: US GOM 2010E 2011E 2012E SoW: 220 Km Ø 24” oil pipe line Spe nding “hot the me s” DW & E xtr e me F rontie r DW & E xtr e me F rontie r Ne w Asse ts alr e ady c ontr ibuting Ne w Asse ts alr e ady c ontr ibuting Ultr a- DW Pipe line s De ve lopme nts Ultr a- DW Pipe line s De ve lopme nts to Bac klog and E xe c ution to Bac klog and E xe c ution 2011: fir st mild signals of a r e c ove r y 2011: fir st mild signals of a r e c ove r y Pr e par e d for str ong mome ntum in De e p/ Ultr a- Pr e par e d for str ong mome ntum in De e p/ Ultr a- e xpe c te d to oc c ur ste a dily in 2012 e xpe c te d to oc c ur ste a dily in 2012 de e pwate r De ve lopme nt and E xtr e me Pipe line s de e pwate r De ve lopme nt and E xtr e me Pipe line s Offshore – Re silie nt, Disc ipline d throug h Re c e ssion, Poise d to e xploit Ma rke t Re c ove ry 11 11
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