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The 2017-2020 strategic plan takes a new look at the Saipem business model and its business portfolio, aims at reducing risk and provides for investment in innovation.

2015-2016 our point of departure

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Extraordinary operations
The strategic plan was adopted following a series of extraordinary operations undertaken during 2015 and 2016, which involved:

  • Modification of share control, with deconsolidation of Saipem by the Eni group and the entrance of the Cassa Depositi e Prestiti as shareholders
  • A 3.5 billion increase in capital
  • Debt refinancing.

2017-2020 where we are going

The five strategic cornerstones
The strategic plan has been conceived to strengthen Saipem, both from an operational standpoint with a more flexible organizational structure and focus on innovation, as well as from a financial standpoint.
1
Refocussing
of the business portfolio
2
De-risking
of the business model
3
Optimization of costs and greater process efficiency
4
Technology and innovation
5
Debt reduction and capital discipline

A new organizational model

To best meet our goals, we have adopted a new organizational model to give the individual businesses areas greater autonomy and responsibility, through the creation of five divisions:

  • Offshore Engineering & Construction
  • Onshore Engineering & Construction
  • Offshore Drilling
  • Onshore Drilling
  • XSIGHT Engineering business and services with high added value

With the completion of this strategy in 2018, each division will have decision-making power regarding strategy, partnerships, sales and marketing, purchasing, project implementation, investment and technology. Portfolio strategy will continue to be under the aegis of the CEO.

Refocussing of the business portfolio

Offshore Engineering & Construction
This division is strategic for the Saipem group and a repositioning process is currently underway to assure future growth, especially through:

  • Investment to maintain the fleet in optimal condition;
  • An “Early engagement” strategy — dialogue with the customer from the earliest phases to develop custom solutions to save time and reduce costs;
  • Removing the FPSO in leasing from the market (floating production, storage and offloading consisting of a large-capacity tanker);
  • A marketing strategy aimed at developing the FLNG field (Floating Liquefied Natural Gas, i.e. floating installations for natural gas processing, liquefaction and storage)

Onshore Engineering & Construction
Our strategy aims at enhanced project selectivity to foster profitability, especially through diversification into services with higher value added. In addition, in both the offshore and onshore construction sectors, we have tailored our production capabilities to market demand while also redefining our geographical presence.

Drilling
In the drilling sector, our initiatives are focussed on guaranteeing the resilience and stability of our business activities. We have worked to increase our operational efficiency:

  • Offshore Drilling:
    • We strive to maintain our fleet in optimal condition
    • Our marketing and sales strategy centres around developing operations in deep-water and harsh environments, as well as our presence in the Middle East
  • Onshore Drilling:
    We are consolidating our presence in the Middle East and are rationalising in South America.

De-risking of the business model

Our strategy involves:

  • Reinforcing the guidelines and procedures for monitoring, preventing and managing risk;
  • More selective marketing and sales;
  • A new “service mix” more oriented to segments with enhanced profitability in markets not affected by oil price fluctuations, such as renewable energy sources;
  • Development of partnerships;
  • Focus on customer relations

Innovation in the forefront

Technological development is the key to success of many of our projects. This is why innovation is one of the cornerstones of our strategic plan, as reflected in three guidelines:

  • Technological innovation: find innovative solutions to improve our operating performance and reduce our environmental impact;
  • Transformative innovation: change processes and our way of doing business to improve our productivity and become more receptive to the “ecosystem”, also as a way of taking advantage of digitalisation technologies;
  • Intelligence technology: investigate new technologies, both inside and outside the Oil & Gas industry, to identify emerging disruptive technologies.
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