Letter to the Shareholders

Dear Shareholders, 

2014 saw an improvement in the world economy. However, with the lingering global oil supply glut causing a significant decline in oil prices during the second half of the year, Oil Companies began to review their investments, cancelling activities and postponing new project awards. On the whole though, spending on new initiatives by Oil Companies remained healthy in 2014, particularly in West Africa and the Middle East.

For Saipem, 2014 was a year of transition, during which the Company focused on the execution of legacy contracts and on rebuilding the profitability of the business by improving its management and execution of major projects and by acquiring new contracts in line with the strict commercial strategy adopted in 2013.

The key Company results for 2014 were: adjusted EBIT back to profit at €465 million, which included a reduction of €130 million due to a write-down of pending revenues relating to old contracts; a reduction in net debt for the first time since 2011 to €4,424 million; and, finally, an excellent order intake, with new contracts acquired worth €17,971 million, which represents an all-time high for Saipem.

These results will help Saipem continue in the transitional process it is engaged in towards the recovery of full stability and profitability.

In the light of the deterioration in the market scenario and the drop in market capitalisation of Saipem and its main competitors, impairment testing was performed on all of the Group’s cash generating units, which also took into consideration impairment indicators on other individual corporate assets. The test resulted in a reduction of net invested capital of €410 million, while goodwill was not considered impaired.

The year saw good progress made in mitigating risks arising from the ongoing execution of the low-margin legacy contracts cited in previous profit warnings. The fourth quarter of 2014 brought the positive outcome of a number of negotiations with clients regarding pending revenues of approximately €200 million, although in other cases, the changed market environment caused an increased rigidity in client attitudes, resulting in a revision of our estimates and to a write-down of €130 million of expected revenues on these contracts. By the end of the year, pending revenues on low-margin legacy contracts had fallen to €1.1 billion.

In the Offshore Engineering & Construction sector, revenues rose by 40%, with the highest volumes of activity recorded in Central and South America, Australia and West Africa. The adjusted EBIT contribution was €435 million, showing a significant improvement from the €91 million registered in 2013.
The operating result (EBIT) for 2014 amounted to €275 million, on account of a devaluation of offshore fleet assets amounting to €160 million.

The Onshore Engineering & Construction sector reported revenues of €3,765 million. Adjusted EBIT was -€281 million (against -€404 million in 2013), due to the anticipated slower recovery in profit margins compared with the Offshore sector and especially to the further deterioration of a number of low-margin legacy contracts in the fourth quarter of 2014 caused mainly by unexpected extra costs incurred during the final commissioning and testing phases of a number of projects under completion.
Additionally, the still limited positive contribution from new projects in their initial phase was unable to offset structural costs.
2014 EBIT amounted to -€411 million, which included a write-down of €130 million in pending revenues relating to onshore projects.

The Drilling sector posted a positive performance, with adjusted EBIT totalling €441 million, a slight decrease compared to 2013, while EBIT amounted to €161 million, including impairment losses recorded in relation to a number of offshore drilling assets.

In terms of health and safety, the Company’s LTIFR (Lost Time Injury Frequency Rate) increased slightly from the previous year’s 0.26 to 0.28, although the longer term performance trend remained excellent. Unfortunately, one fatality was recorded during the year. While it is true that the comparative figure for 2013 was six fatalities, this is not a result we can in any way be satisfied with and, accordingly, attention to safety and new awareness and training programmes remains high at all of the main sites and yards at which Saipem operates.

Capital expenditure in 2014 amounted to €694 million. This mainly related to the final phases of development of the new logistics base in Brazil, the purchase of equipment and the maintenance of existing naval assets in the Engineering & Construction sector, class reinstatement works for the drilling vessels jack-up Perro Negro 7 and the semi-submersible rig Scarabeo 7, the purchase of two new onshore drilling rigs due to operate in Saudi Arabia and, finally, upgrades and modifications on other drilling rigs due to work in Saudi Arabia and South America.

The significant cost cuts announced by oil companies may have an impact on negotiations for new contract acquisitions, both in terms of timing of awards and reductions in work scope, as well as – in the drilling sector – reductions in charter rates. In addition, the changed market scenario will inevitably affect the attitude of Saipem’s clients towards negotiating commercial and economic issues related to ongoing projects. In particular, in 2015 Saipem will still have to execute € 1.8 billion of legacy contracts acquired prior to 2012 which are more exposed to this type of risk. In addition, a significant part of Saipem’s revenues and margins will depend on the outcome of the South Stream project, which is currently suspended.
The above factors and uncertainties are reflected in the range estimates of the 2015 guidance.

Saipem expects revenues of between € 12 and € 13 billion. This range mainly reflects the uncertainties connected to the South Stream contract while we wait for clear indications from the client on the future of the project.
EBIT is expected to be in a range between € 500 and € 700 million, while net profit is expected to come in at between € 200 and € 300 million.

Capital expenditure is expected at around € 650 million. This is slightly below the previous long-term guidance due to the adoption of measures to improve efficiency and contribute to net debt reduction. 

Finally, Saipem is targeting net debt below € 4 billion, excluding the potential impact of currency fluctuations.

March 10, 2015

On behalf of the Board of Directors

The Chairman
Francesco Carbonetti

The Chief Executive Officer (CEO)
Umberto Vergine

Operating review
New contracts
Capital expenditure
Saipem Group - New contracts awarded during the year ended December 31 2013 2013 restated 2014
(Euro million)  Amount % Amount % Amount %
Saipem SpA 1,590 15 1,626 16 5,729 32
Group companies 9,063 85 8,436 84 12,242 68
Total 10,653 100 10,062 100 17,971 100
Offshore Engineering & Construction 5,777 54 5,581 55 10,043 56
Onshore Engineering & Construction 2,566 24 2,193 22 6,354 36
Offshore Drilling 1,401 13 1,401 14 722 4
Onshore Drilling 909 9 887 9 852 4
Total 10,653 100 10,062 100 17,971 100
Italy 591 6 547 5 529 3
Outside Italy 10,062 94 9,515 95 17,442 97
Total 10,653 100 10,062 100 17,971 100
Eni Group 1,514 14 1,514 15 1,434 8
Third parties 9,139 86 8,548 85 16,537 92
Total 10,653 100 10,062 100 17,971 100

Download XLS

New contracts by geographical area (€17,971 million)

New contracts by geographical area

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Saipem Group - Backlog as at December 31 2013 2013 restated 2014
(Euro million)  Amount % Amount % Amount %
Saipem SpA 5,189 30 5,189 30 7,167 32
Group companies 12,325 70 11,876 70 14,980 68
Total 17,514 100 17,065 100 22,147 100
Offshore Engineering & Construction 8,447 48 8,320 49 11,161 51
Onshore Engineering & Construction 4,436 25 4,114 24 6,703 30
Offshore Drilling 3,390 20 3,390 20 2,920 13
Onshore Drilling 1,241 7 1,241 7 1,363 6
Total 17,514 100 17,065 100 22,147 100
Italy 784 4 784 5 689 3
Outside Italy 16,730 96 16,281 95 21,458 97
Total 17,514 100 17,065 100 22,147 100
Eni Group 2,261 13 2,261 13 2,458 11
Third parties 15,253 87 14,804 87 19,689 89
Total 17,514 100 17,065 100 22,147 100

Download XLS

Backlog by geographical area (€22,147 million)

Backlog by geographical area

Download PDF

Capital expenditure   2013 2013
  (Euro million)      
Saipem SpA   157 157 117
Group companies   751 745 577
Total   908 902 69
Offshore Engineering & Construction   398 393 260
Onshore Engineering & Construction   125 124 55
Offshore Drilling   174 174 180
Onshore Drilling   211 211 199
Total   908 902 694

Download XLS

Business Unit
Offshore Engineering
& Constuction
Onshore Engineering
& Constuction
Offshore Drilling
Onshore Drilling

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2014 in numbers



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At a glance

Pursuing the satisfaction of our clients in the energy industry, we tackle each challenge with safe, reliable and innovative solutions.

We entrust our competent and multi-local teams to provide sustainable development for our Company and for the communities where we operate.

Commitment to health and safety, openness, flexibility, integration, innovation, quality, competitiveness, teamwork, humility, internationalisation, responsibility and integrity.


Countries in which Saipem operates
Over 50,000 employees, in more than 60 countries
with €12.8 billion totalled revenues in 2014


Bolivia, Brazil, Canada, Chile, Colombia, Dominican Republic, Ecuador, Mexico, Peru, Suriname, Trinidad and Tobago, United States, Venezuela


Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, France, Italy, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Turkey, United Kingdom


Algeria, Angola, Congo, Egypt, Gabon, Ghana, Libya, Mauritania, Morocco, Mozambique, Nigeria, South Africa, Uganda


Azerbaijan, Kazakhstan, Russia, Turkmenistan, Ukraine

Middle East

Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates

Far East & Oceania

Australia, China, India, Indonesia, Japan, Malaysia, Pakistan, Papua New Guinea, Singapore, South Korea, Thailand, Vietnam

Sustainability Performance
Local Areas
and Communities

Ensure the safety of everyone who works for Saipem

2014 results

- Launch of the ‘We Want Zero’ campaign, an initiative which aims to reduce fatal accidents to zero

- Preparation of material for the launch and dissemination of the programme ‘Life Saving Rules’ developed by the OGP (International Association of Oil & Gas Producers)

- Further implementation of the LiHS programme and its adaptation to more local operational realities. Engagement is ongoing and involves all levels of the Company

- Saipem SpA obtained renewal of OHSAS 18001 certifications. The same was achieved by an additional 15 companies in the Saipem Group

2015-2018 goals

- Ensure that HSE risk management is adequately assessed and that appropriate mitigation measures are taken into consideration

- Classify companies/branches by risk cluster and achievement of OHSAS 18001 certification for those with a significant risk profile

- Continue the ‘We Want Zero’ programme

- Continue the process for standardising HSE training delivered in the Saipem Group

- Extend the ‘Train the HSE trainer’ initiative to the main Company training centres

- Continue the LiHS programme ‘Leading Behaviours’

- Improve communications and sharing of information with subcontractors to enhance their performance and compliance with Saipem’s health and safety standards

- Continue to implement the campaign for industrial hygiene

- Continue the ‘Hand safety’ and ‘Working at height and in confined space’ campaigns

- Launch the ‘Life Saving Rules’ campaign


Safeguard and promote the health of Saipem people

2014 results

- Dissemination of the ‘Pre-Travel Counselling’ programme for all personnel travelling abroad (1,200 employees trained in 2014)

- Agreements and collaborative initiatives confirmed with scientific institutions on a range of themes: with the IRCCS Policlinico di San Donato Milanese for health promotion initiatives and for emergency medical assistance provided to Saipem employees; with the CIRM (Centro Internazionale Radio Medico) for the provision of medical assistance via radio to employees working on the offshore fleet; and with Milan’s Sacco hospital for infectious disease testing of employees returning from work abroad

- Participation in the ‘Workplace Health Promotion’ programme

- Launch of specific programmes for cardiovascular disease prevention to identify cardiovascular risks among workers at operating sites (the programme was conducted at 148 work sites)

- Carried out a vaccine awareness campaign and continued preventive measures in favour of employees

- Continued malaria programmes for employees and local communities

- Further developed the H-Factor on other sites to promote correct nutrition (12 new sites)

2015-2018 goals

- Promote the H-Factor campaign and extend it to other operating companies and branches

- Continue programmes for the prevention of cardiovascular diseases

- Spread the ‘Pre-Travel Counselling’ programme targeted at all personnel travelling abroad and update in line with international health alerts

- Continuously monitor the Health Performance Indicators (HPI)

- Strengthen implementation of telemedicine programmes and monitoring of their correct use

- Continue the health promotion programmes targeted at local communities


Develop the skills and competencies of human resources and improve both the work environment and the HR management system

2014 results

- Realisation of the ‘Strategy LineUp meeting’ initiative, a series of meetings for the cascading of Company objectives and strategies

- Extension of the ‘Share & Shape’ project that gives young resources the change to put forward proposals for improvement to Top Management

- Involvement of Top Management in the ‘Responsible Leadership’ workshop, held on two occasions in San Donato Milanese, designed in cooperation with Eni Corporate University and with teachers from the SDA Bocconi management school

- Relaunch of the mapping, development and monitoring of skills, beginning with the analysis with a group of 5 key roles: Drilling Superintendent, Offshore Project Manager, Onshore Construction Manager, Procurement Manager, and Project Technical Manager

- Collaborated with local universities and technical institutes for the development of the technical and managerial skills of personnel

- Collaboration agreement signed with Milan Polytechnic for the creation of a new visiting chair to be known as the ‘Saipem International Chair’, which will be awarded annually to a leading international scholar from the field of energy and plant engineering

- Updating of the Succession Plans for strategic roles

2015-2018 goals

- Promote Local Content, including through specific training and career programmes for the development and professional growth of local personnel

- Maintain and optimise Saipem’s know-how

- Define and diffuse a responsible leadership model

- Monitor remuneration policies

- Take specific actions for the internal communication of HR management and development policies

- Develop actions in support of the increase and quality of female employment (more women in management positions, on the Board of Directors and on other Boards)


Ensure the security of Saipem’s people and vessels

2014 results

- Delivery of training on human rights for Security personnel in the Karimun Yard (Indonesia)

- 100% achievement of contracts with external security companies that include clauses on human rights

2015-2018 goals

- Design and deliver a training course on human rights for security personnel in other operational areas


Manage and minimise environmental impacts in the life cycle of operations and improve environmental performance

2014 results

- Carried out energy assessments in the office buildings of Fano and Vibo Valentia (Italy), the Arbatax Yard (Italy), the logistics base in Ravenna (Italy) and on an onshore drilling rig in Italy

- Saipem SpA obtained renewal of ISO14001 certifications. The same was achieved by an additional 15 Saipem Group companies

- Environmental awareness raising: ‘World Environmental Day’ (WED) was celebrated in June with the slogan ‘Efficient consumption means green consumption’

- Promoted ‘Print Less Day’ targeted at raising awareness about the need to reduce paper consumption

- Continued the action plans previously defined in order to prevent environmental crimes pursuant to Italian Legislative Decree No. 231/2001

- Drafted a leaflet on biodiversity best practices in the Saipem Group

2015-2018 goals

- Continuous monitoring of environmental performance and impacts

- Standardisation at Group level of the environmental impact assessment

- Energy assessment on several assets to identify critical areas and propose corrective actions in order to increase energy efficiency

- Promotion of initiatives to decrease water consumption, i.e. the reuse of waste water

- Continuation of efforts to prevent spills through appropriate risk analysis, training and drills

- Promotion of the ‘monetisation of waste’ option on operational sites with a view to reducing the quantity and hazardousness of waste


Improve and consolidate local stakeholder relations and contribute to the socioeconomic development of the local context

2014 results

- Issued the Management System Guideline ‘Sustainability Stakeholder Engagement and Community Relations’, which sets out the stages of the process as follows: identification of stakeholders, definition of an engagement strategy, implementation and, finally, monitoring of the strategy

- Consolidated activities for the monitoring of local community initiatives and stakeholder relations

- Implemented the economic impact assessment model of the Local Content strategy on the Guarujá Yard (Brazil), Canada and on the Egina project (Nigeria)

- Continued the auditing programme on 25 vendors in relation to labour rights and respect for human rights

- Involved local vendors and subcontractors in sustainability initiatives targeted at host communities in Kazakhstan and Russia

- Struck up partnerships and associations with local schools, institutes and universities to boost the education system and improve the skills of the local population, including with reference to technical Oil & Gas related issues, as well as health and safety (Kazakhstan, Peru, Italy, Brazil, Nigeria, Colombia and Azerbaijan)

- Struck up partnerships and associations with health organisations and institutions to improve local health conditions and combat endemic illnesses (Venezuela, Colombia, Kazakhstan, Congo, Angola and Nigeria)

- Held initiatives to support qualification of local vendors and their compliance with the operating standards of Saipem in Iraq, Colombia, Saudi Arabia and Nigeria

2015-2018 goals

- Reinforce dialogue with local Clients and institutions in relation to Saipem’s programmes targeted at the development of the local context

- Consolidate the system for mapping and defining stakeholder engagement strategies to strengthen relations

- Strengthen processes for monitoring local community initiatives

- Achieve ad hoc communications tools for local stakeholders

- Continue implementation of the model for economic impact assessment of significant operations

- Continue the labour and human rights audit programme on vendors in critical areas

- Continue activities in support of the social and economic development of host communities and to maximise use of local resources in the countries where Saipem operates

- Implement actions to increase the share of local procurements including by means of initiatives to support qualification of local vendors


Improve the quality of services offered, including in relation to sustainability issues that are of interest to the Client

2014 results

- Held specific meetings on sustainability issues with different Clients

- Engaged and collaborated with a Client with a view to producing an economic impact assessment study for the Egina project in Nigeria

- Cooperated with various Clients for the realisation of initiatives to promote the socio-economic development of communities in the vicinity of activities (i.e. Angola)

2015-2018 goals

- Promote dialogue with Clients with a view to strengthening relations, including in a perspective of sustainable management of projects

- Participate in national and international sustainability events to present and share results, programmes and approaches to interested stakeholders


Maintain and reinforce a governance system that is capable of meeting Saipem’s business challenges in a sustainable way

2014 results

- Optimised e-learning training and implemented classroom based activities in Italy and abroad on the themes of Anti-Corruption, Model 231 and the Code of Ethics

- Completed updating of Saipem SpA’s Model 231 in order to incorporate the crimes introduced into Legislative Decree No. 231/2001 by Law No. 190 of November 6 (Provision for the prevention and repression of corruption and illegality in the public administration), by Law No. 109 of July 16, 2012 (Implementation of directive 2009/52/EC which introduces minimum standards on sanctions and measures against employers of illegally staying third-country nationals) and by Law No. 172 of October 1, 2012 which ratified the ‘Lanzarote Convention’

- Provided training and a refresher courses for members of Compliance Committees

- Analysed and reviewed several procedures

2015-2018 goals

- Update Saipem SpA’s Model 231 with a view to assessing the incorporation of the crimes introduced by Italian Legislative Decree No. 231/2001 during 2014

- Monitor Anti-Corruption procedures

- Provide training and refresher courses for Saipem personnel on Anti-Corruption, Model 231 and the Code of Ethics

- Provide training and continuous refresher courses for members of the Compliance Committees of subsidiaries

- Ensure that foreign subsidiaries commence checks to guarantee compliance of the Organisation, Management and Control Model with local legislation and that they subsequently carry out gap analyses on sensitive activities and on control standards in force in the companies themselves

Saipem's people
South Africa
of Asia
and Oceania
Employees (No.) 54,637
Local employees (No.) 43,126
Man-hours worked (mln h) 265.81
Total amount ordered (mln €) 10,890
Employees (No.) 14,315
Local employees (No.) 12,067
Man-hours worked (mln h) 56.18
Total amount ordered (mln €) 1,427
Employees (No.) 11,303
Local employees (No.) 9,368
Man-hours worked (mln h) 28.41
Total amount ordered (mln €) 4,928
Employees (No.) 1,134
Local employees (No.) 878
Man-hours worked (mln h) 6.09
Total amount ordered (mln €) 72
Employees (No.) 9,074
Local employees (No.) 5,859
Man-hours worked (mln h) 34.25
Total amount ordered (mln €) 892
Employees (No.) 10,057
Local employees (No.) 8,376
Man-hours worked (mln h) 110.59
Total amount ordered (mln €) 1,740
Employees (No.) 3,684
Local employees (No.) 2,586
Man-hours worked (mln h) 12.20
Total amount ordered (mln €) 483
Employees (No.) 5,070
Local employees (No.) 3,962
Man-hours worked (mln h) 18.07
Total amount ordered (mln €) 1,345
Saipem is committed to maintaining and reinforcing a system of Governance that is in line with the standards of international best practices and is suited to the complexity of the Company’s make-up.
stakeholder engagement animation

Reporting on operating projects is constant. Project Managers and project staff hold interviews and meetings and reply to the requests of the Client, who is often present on-site in day-to-day operations. Clients are also involved in HSE training initiatives, such as environmental awareness campaigns or the LiHS (Leadership in Health and Safety) programme. At the end of each project, and on an annual basis, the Client is asked for feedback using the ‘Customer Satisfaction’ tool. Furthermore, meetings with Clients or potential Clients are organised in pre-bid and bid phase and can involve a number of specific aspects such as Saipem’s approach to sustainability.
In 2014, Saipem held meetings with Clients to involve them in its sustainability strategy in South America, Mexico, Kazakhstan and the Middle East.
In addition, the Company involved 9 Clients in the analysis of material themes.
The Company also took part in the ‘Sustainable Development Industry (SDI) Reporting Qatar’ organised by the Ministry of Energy and Industry of Qatar and by Qatar Petroleum.
In some projects, Saipem directly involved its Clients in the execution of local community initiatives, above all in Colombia, Venezuela, Angola and Indonesia.


Workers’ representatives and trade unions are involved in collective bargaining and in other forms of dialogue regarding specific local activities, including through periodical meetings. Management of Company employees is the responsibility of the Human Resources function on all Group operating sites, as described in the document ‘Saipem Sustainability 2014’.
In 2014, the ‘Share & Shape’ initiative continues by involving young resources in France and Brazil.
The ‘Strategy LineUp meeting’ was launched, a process of cascading the Company’s priority objectives and strategies to all employees. The process involved approximately 10,000 employees in 60 countries.
In various countries such as Peru, Venezuela and Kazakhstan, local employees were involved in local sustainability initiatives and investigations were carried out to obtain their feedback and to understand their expectations.
Personnel engagement and training activities on sustainability themes continued throughout 2014 with the organisation of thematic seminars and specific meetings with managerial functions.


Relations with vendors are discussed in the document ‘Saipem Sustainability 2014’, where the selection and assessment processes are described.
Alongside periodical meetings with vendors with whom strategic agreements have been signed, in 2014 social responsibility audits were carried out on vendors in India and China.
During the year, 61 vendors filled in a questionnaire in accordance with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.
At local level, specific initiatives for vendor involvement are constantly ongoing. These are targeted at improving the quality of supplies and at encouraging vendors to comply with Saipem’s quality, health and safety, environmental and social requirements. In particular, meetings and special training for vendors were held in Venezuela, Colombia, Nigeria and Saudi Arabia. In Kazakhstan, Peru and Colombia, vendors were involved in initiatives for local communities. Furthermore, the Company supported Aboriginal businesses in Australia and for the first time involved security service providers in Indonesia in special training on human rights.

Government and local authorites

Engagement with governments and, above all, local authorities is defined in relation to the circumstances in which Saipem operates, taking into consideration the specificities of the country and the social context. Alongside institutional and official relations with the authorities, Saipem cooperates with public bodies for the launch of initiatives in favour of local communities and local areas. In this regard, Saipem collaborates with local government health entities, hospitals and medical centres to implement projects targeted at raising awareness of diseases such as malaria, AIDS in the Congo, Angola and Nigeria, as well as cooperation with local authorities in Peru, Colombia and Kazakhstan. In 2014, cooperation with the municipality of Guarujá in Brazil proceeded apace following the signing of the ‘Declaration of Intent’.
Saipem works with local institutions such as schools and universities, including through specific partnership agreements, in order to contribute to the development of an education system that meets the needs of the private sector, with particular reference to the Oil & Gas industry. Numerous initiatives are underway in Kazakhstan, Italy, Indonesia, Azerbaijan and Colombia in this regard.
The Company also took part in the ‘Sustainable Development Industry (SDI) Reporting Qatar’, organised by the Ministry of Energy and Industry of Qatar and by Qatar Petroleum.
In 2014, Saipem also involved 5 representatives of local authorities in Australia, Angola, Brazil and the Middle East in the analysis of material themes.

Local organization and NGOs

In 2014, Saipem involved 4 national and international industrial associations in the study of material themes.
Saipem also collaborates with organisations or NGOs, above all at local level, and at times through specific partnership agreements, with a view to implementing community initiatives tailored to the area’s specificities and main problems.
Cooperation with the NGO Foundation of Central Asia (EFCA) in Kazakhstan proceeded in 2014 with a view to completing initiatives aimed at education in the local community. Work with the Junior Achievement Azerbaijan (JAA) to reinforce the technical skills of university students also went ahead.
Furthermore, 3 NGOs were involved in the study of material themes.

Local Communities

As described in the document ‘Saipem Sustainability 2014’, each operating company or project has a specific approach to relations with local communities. This takes into account both the role of Saipem and the socio-economic and cultural context in which the Company operates. Many initiatives involving local communities were held during 2014.
In Kazakhstan, a public meeting was held with the population of Kuryk village to present and discuss the Ersai sustainability plan. On that occasion, several local stakeholders were identified to supervise and monitor the execution of activities. This was done in order to strengthen the sense of responsibility, as well as recognition of these initiatives on the part of the community.
In Nigeria, relations with local communities are defined and regulated in Memorandums of Understanding (MoU) signed by the Company, the Client (for projects) and representatives of the communities affected by operations.
Other local community initiatives and projects were held in the Congo, Colombia, Kazakhstan, Indonesia, Peru, Venezuela, Mexico, Angola and Brazil (for further details see ‘Saipem Sustainability 2014’).
In 2014, Saipem also involved 4 representatives of local communities in Brazil and Kazakhstan in the analysis of material themes.

Financial stakeholders

Saipem has adopted a communications policy targeted at achieving constant dialogue with investors and systematic diffusion of comprehensive and timely information on Company activities. Information to investors and the market takes place through press releases, the periodical presentation of financial results and the broad documentation made available and constantly updated on the Company website, as well as periodical meetings with institutional investors and financial analysts. Individual shareholders are mainly involved through interfacing with the Company Secretary function. Dialogue with all other categories of investor and financial stakeholder is ensured by the Investor Relations function.
In 2014, management met the financial community during 20 Road Shows held in the main stock exchanges and at 10 financial conferences.
In 2014, Saipem involved 3 financial stakeholders in the study of material themes. Furthermore, several informative specifications concerning aspects of sustainability were drafted for the Ethical Council, GES, the OP Trust and SustainAlytics. Saipem also took part in the Carbon Disclosure Project (CDP).

Saipem S.p.A. - Via Martiri di Cefalonia, 67 20097 San Donato Milanese (MI) Italy.
Corporate capital 441,410,900 € fully paid-up.
Economic and Administrative Business Register Milan no. 788744
Taxpayer's code and VAT number 00825790157.