Saipem acquires a controlling interest in Frigstad Discoverer Invest Ltd.

 October 19, 2007; h 12:00

San Donato Milanese (Milan), 19 October 2007 – Saipem acquired 10,753,620 shares
corresponding to 50.02% of Frigstad Discoverer Invest Limited share capital, for an amount of
881,796,840 Norwegian krones (approximately 115 million euro). Frigstad Discoverer Invest Ltd. is
a company listed in the Oslo Stock Exchange. Saipem will issue the mandatory offer on the
remaining share capital in compliance with the local regulations.

Frigstad Discoverer Invest Ltd. is a company whose activity is the construction of the ultradeepwater
6th generation semisubmersible rig, named D90. Construction activities are currently
ongoing at the Chinese Shipyard Yantai Raffles and the rig delivery is expected in the fourth quarter
of 2009. D90 will be capable of operating in full dynamic positioning in water depths of up to 3,600 metres.

The overall investment, including the purchase of the remaining shares in Frigstad Discoverer
Invest Ltd. and the capex required to complete the drilling rig, is estimated at approximately 520
million euro, and is in line with Saipem’s strategy to broaden its offshore drilling fleet, in order to
take advantage of the current positive market phase.

This is not considered a significant acquisition as defined by Consob, and therefore the preparation
of the “Information Document” is not required, pursuant to Issuers’ Regulation.

Saipem, 43% owned by Eni, is organised in three Business Units: Offshore, Onshore and Drilling, with a strong bias towards oil & gas related activities in remote areas and deepwater. Saipem is a leader in the provision of engineering, procurement, project management and construction services with distinctive capabilities in the design and the execution of large scale offshore and onshore projects, and technological competences such as gas monetisation and heavy oil exploitation.

Website: www.saipem.it
Switchboard: +39-025201
Shareholder Information:
Saipem S.p.A., Via Martiri di Cefalonia, 67 - 20097 San Donato Milanese (MI), Italy
Relations with institutional investors and financial analysts:
Tel.: +39-02520.34653
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E-mail: investor.relations@Saipem.eni.it