Saipem Increases 2008 Financial Profits

The Board of Directors of Saipem S.p.A. has approved the Saipem Group Consolidated Financial Statements as at December 31, 2008, which reported a net profit of Euro 914 million (Euro 875 million in 2007) and adjusted net profit of Euro 724 million (Euro 535 million in 2007). The Board also approved the preliminary Statutory Financial Statements of Saipem S.p.A., which reported net profit of Euro 335 million (Euro 731 million in 2007).

Net profit increased by Euro 10 million compared to the preliminary results provided in the press release of February 11, 2009, due to the release of a provision following the positive outcome of a legal dispute against a holding, now dismissed.

The Board of Directors moved to propose at the Annual Shareholders' Meeting the distribution of a dividend of Euro 0.55 per ordinary share. Dividends will be paid from 21st May 2009 (ex-dividend date: 18th May 2009).

The Consolidated and Statutory Financial Statements of Saipem S.p.A. have been made available to the Board of Statutory Auditors and the Independent Auditors.

The Board of Directors also approved Saipem's Sustainability Report, which was prepared in compliance with the current international best practice. This document underlines Saipem's commitment towards sustainable development.