The Board of Directors of Saipem S.p.A., chaired by Francesco Caio, approved the Saipem Group’s Interim Report at March 31, 2019 (not subject to audit).

Strong results from the Offshore E&C division thanks to good operational performance. The turnaround of the Onshore Engineering & Construction division continues. Stable EBITDA in Drilling, with increase in volumes and margins that reflect the current market. Significant new contract acquisitions. Net debt largely stable compared to 2018 year end. Guidance 2019 is confirmed

Results for the first quarter 2019. Revenues: €2,156 million (€1,915 million in the first quarter of 2018). EBITDA: €266 million (€201 million in the first quarter of 2018). Adjusted EBITDA: €274 million (€214 million in the first quarter of 2018). Operating profit (EBIT): €118 million (€87 million in the first quarter of 2018). Adjusted operating profit (EBIT): €126 million (€100 million in the first quarter of 2018) Net profit: €21 million (loss of €2 million in the first quarter of 2018). Adjusted net profit: €29 million (€11 million in the first quarter of 2018)

Special Items - results 2019: reorganization expenses of €8 million (€13 million in the first quarter of 2018). Capital expenditure: €74 million (€32 million in the first quarter of 2018). Net debt inclusive of IFRS 16 lease liability: €1,745 million (€1,706 million at January 1, 2019). Net debt pre-IFRS 16 lease liability: €1,185 million (€1,159 million at December 31, 2018). New contracts: €2,517 million (€1,023 million in the first quarter of 2018). Backlog: €12,980 million (€12,619 million at December 31, 2018). Backlog inclusive of non-consolidated companies: €14,824 million (€14,463 million at December 31, 2018).

Stefano Cao, Saipem CEO, commented: “The results of the first quarter of 2019 confirm the good operational and managerial performance already recorded in 2018, especially thanks to the strong results of the Offshore Engineering & Construction division. We have received significant new orders that improve our visibility for 2019 despite a market context that still shows no evident signs of recovery”.