Offshore

In 2009, revenues of the offshore segment were €4,317 million, accounting for 45% of total revenues. Contribution from operations came in at €719 million, up €108 million representing 55% of total contribution from operations.
These results reflect in particular higher levels of activity in West Africa, Kazakhstan and the Mediterranean Area.
Among the main acquisitions of 2009 were:

• a contract on behalf of Agip KCO as part of the development program of the Kashagan field related to the hook-up and commissioning of offshore facilities, as well as activities to be executed in the Kuryk construction yard in Kazakhstan;
• a contract on behalf of Eni for the conversion of a tanker into an FPSO (Floating Production Storage and Offloading) vessel that will have a storage and production capacity of 700 kbbl/d and 12 kbbl/d, respectively;
• an EPC contract on behalf of ESSO Exploration Angola for the development of the Kizomba Satellites Project offshore Angola. The project will provide to the linking of the Mavacola and Clochas fields to the existing FPSO units.

Saipem is the only engineering and construction contractor that provides also offshore and onshore drilling services to oil companies. In the offshore drilling segment Saipem mainly operates in West Africa, North Sea, Mediterranean Sea and Middle East and boasts significant market positions in the most complex segments of deep and ultra-deep offshore, leveraging on the outstanding technical features of its drilling platforms and vessels, capable of operating at a maximum depth of 3,000 meters.
Saipem is finalizing an upgrading program of its drilling fleet providing it with state-of-art rigs to enhance its role as high quality player capable of operating also in complex and harsh environments and to be adherent to the actual and future needs of the oil industry. In particular, in the next years Saipem intends to complete the building of:

• the Scarabeo 8 and 9, new generation semi-submersible platforms, that have been already rented to Eni under multi-year contracts; and
• the new deepwater S12000 drilling ship to perform operations in West Africa on behalf of Total.

In parallel, investments are underway to renew and to keep up the production capacity of other fleet equipment (upgrade equipment to the characteristics of projects or to clients needs and purchase of support equipment).
In 2009 revenues of the offshore drilling segment were €566 million, accounting for 6% of total revenues. Contribution from operations increased by €19 million to €207 million from a year earlier mainly related to higher levels of activity of the Perro Negro 3 and Perro Negro 7 jack up and of a Tender Assisted Drilling Barge.

Main orders acquired in 2009 related to:

• a 3-year extension for the use of the Scarabeo 5 semisubmersible platform in the Norwegian section of the North Sea on behalf of Statoil;
• a 5-year extension of the contract for the use of the semisubmersible platform Scarabeo 6 in Egypt on behalf of Burullus Gas Company;
• a 12-month extension (for the use of the recently built Perro Negro 6 jack up on behalf of Sonangol.