Financial advisor to Eni in the agreement between Saipem and Subsea7

Eni has engaged the support of Intesa Sanpaolo's IMI Corporate & Investment Banking Division as financial advisor in connection with the agreement between Saipem and Subsea7 on the main terms of a possible merger of the two companies.

Saipem's controlling shareholders, Eni and CDP Equity, have signed a memorandum of understanding with Siem Industries, Subsea7's majority shareholder, to formalize their commitment to provide any support to the transaction and to define the principles that will govern the governance of the incorporating company Saipem.

The merger, between equals, with a fixed 50-50 exchange ratio, would generate a global leader in the energy services sector with an aggregate order book of EUR 43Bn; following the merger, the incorporating company Saipem would retain its registered office and listing market in Italy, in addition to being listed in Norway.

The merger would create a global leader in the Subsea and Offshore E&C sector with revenues of approx. EUR 20Bn and a strengthened capital structure.

The Intesa Sanpaolo Group, led by CEO Carlo Messina, thus confirms its role in supporting big industrial operations such as this one, aimed at creating international leaders in their sectors.