SAIPEM: The Shareholders’ Meeting approved the 2004 Financial Statements; set the dividend at € 0.15 per ordinary share and € 0.18 per savings share; approved the buy-back of 2,000,000 treasury shares to allocate to the company’s Stock Grant and Stock Option Schemes; appointed the Board of Directors and the Board of Statutory Auditors

 April 29, 2005; h 12:00

Saipem’s Shareholders’ Meeting, held today approved Saipem S.p.A.’s 2004 Statutory Financial
Statements and the distribution of a dividend of € 0.15 per ordinary share (€ 0.148 in 2003) and €
0.18 per savings share (€ 0.178 in 2003).

Dividends will be paid from 26^th May 2005; ex-date is 23^rd May 2005.

The Shareholders’ Meeting also authorised the Board of Directors to buy back up to 2,000,000
treasury shares, for a total amount not exceeding € 24 million, for allocation to the Stock Grant and
Stock Option Schemes.

The Shareholders’ Meeting appointed the Board of Directors, to consist of nine members, and the
Board of Statutory Auditors for the years 2005-2006-2007.

The Board of Directors comprises: Pietro Franco Tali (Chairman), Hugh James O’Donnell, Roberto
Jaquinto, Jacques Yves Léost, Marco Mangiagalli, Ian Wybrew-Bond, from the list presented by
Eni; Francesco Gatti, Pierantonio Nebuloni, Gesualdo Pianciamore, from the list presented by
other shareholders.

The Board of Statutory Auditors comprises: Paolo Andrea Colombo (Chairman) and Fabrizio Gardi,
from the list presented by Eni; Fabio Venegoni, from the list presented by other shareholders.

Introduction of International Financial Reporting Standards (IFRS)
With reference to previous communication on this subject in the press releases of 24^th February and
24^th March 2005, the First Quarter Report at 31^st March 2005 will contain reconciliations between
traditionally used accounting principles and the new IFRS. Specifically: (i) reconciliation between
net equity at 1^st January 2004 and 31^st December 2004; (ii) reconciliation of the 2004 net income.
With regard to IAS 32 and 39, pertaining to the evaluation and recognition of financial instruments,
Saipem opted to introduce them as of 1^st January 2005, as authorised by IFRS 1.

Analyses carried out to date confirm expectations of a modest increase in net equity and an increase
in consolidated net income, due effectively to the discontinuance of the goodwill amortisation
relating to the acquisition of Bouygues Offshore.

PricewaterhouseCoopers, instructed to audit all data resulting from the introduction of the new
standards; is currently producing a report to be issued concurrently with the 2005 preliminary sixmonthly results.

We confirm that the First Quarter Report at 31^st March 2005 will be prepared in compliance with the
new International Financial Reporting Standards.

San Donato Milanese, 29^th April 2005

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:
Mr Giulio Bozzini
Mr Salvatore Colli
Tel.: +39-02520.34653
Fax: +39-02520.54295
E-mail: investor.relations@Saipem.eni.it