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© Subsea7 - 20251 subsea7.com Pareto Securities' 32nd Annual Energy Conference 10 September 2025
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© Subsea7 - 20252 subsea7.com Disclaimer No Offer or Solicitation This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities. Forward-looking Statements This document contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the proposed merger of Saipem and Subsea 7 (the "Proposed Combination"). Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance, Free Cash Flow, EBITDA, dividends, and credit ratings . Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements . Except as required by applicable law, neither Saipem nor Subsea 7 undertake any obligation to update any forward-looking information or statements. This document includes estimates relating to the synergies expected to arise from the merger and the combination of the business operations of Saipem and Subsea7, as well as related integration costs, which have been prepared by Saipem and Subsea7 and are based on a number of assumptions and judgments. Such estimates present the expected future impact of the merger and the combination of the business operations of Saipem and Subsea7 on the Combined Company’s business, financial condition and results of operations. The assumptions relating to the estimated synergies and related integration costs are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause the actual synergies from the merger and the combination of the business operations of Saipem and Subsea7, if any, and related integration costs to differ materially from the estimates in this document. Further, there can be no certainty that the merger will be completed in the manner and timeframe described in this document, or at all. Use of N on- IFRS Financial Measures This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Free Cash Flow. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies. Presentation of Financial Information This document includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7. Any Combined Company financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position of the combined entity and should not be taken as representative of the combined entity's future consolidated results of operations or financial position had the Proposed Combination occurred as of such date. These estimates are based on financial information available at the time of the preparation of this document.
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© Subsea7 - 20253 subsea7.com Delivering – increased profitability $0.3bn $0.5bn $0.6bn $0.7bn $1.1bn $1.4bn $1.5bn 10% 10% 11% 12% 16% 0 5 10 15 20 25 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2020 2021 2022 2023 2024 2025 2026 Adjusted EBITDA Margin Guidance 18-20% Guidance >20% Consensus1 1 Company-compiled consensus EBITDA, 8 September 2025
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© Subsea7 - 20254 subsea7.com Delivering – strong backlog with high revenue visibility Subsea and Conventional Renewables 4.8 5.3 7.0 8.7 10.7 9.9 0 2 4 6 8 10 12 Q2 20 Q2 21 Q2 22 Q2 23 Q2 24 Q2 25 • High backlog and visibility • $4.4 billion for execution in 20261 2.2 1.5 0.8 1.7 1.8 1.9 0 0.5 1 1.5 2 2.5 Q2 20 Q2 21 Q2 22 Q2 23 Q2 24 Q2 25 • Selective bidding since 2022 • $0.8 billion for execution in 20261 • Seaway7 market leader in the UK $bn 1 Estimated position at 31 August 2025
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© Subsea7 - 20255 subsea7.com Subsea outlook – continued momentum The map includes a selection of ITTs in-house or expected in the next 12 months (i) Integrated SURF-SPS (f) FEED already awarded, Subsea7 is preferred EPCI supplier Under $150m $150-300m $300-500m $500-750m $750m-$1.25bn $1.25bn+ North and Central America BP Tie-back projects Equinor Bay du Nord (i, f) Shell Tie-back projects Repsol Polok B29 (i) Europe Adura Puffin Aker BP Tie-back projects BP Clair Ridge Expansion (i) Chevron Aphrodite (i) Conoco PPF (f) Equinor Wisting (i, f) TotalEnergies Tyra North / Halfdan NorthSouth America Equinor Bacalhau Ph 2 (i, f) Guyana Tie-back projects Karoon Neon Petrobras Atapu 2 Sépia 2 Búzios 12 Mero Onda 2 Búzios Onda 2 SEAP 2 Petronas Block 52 Australia Amplitude East Coast Supply Beach Otway Phase 6 Chevron Gorgon Stage 3 Woodside Greater Western Flank 4 Middle East Aramco New CRPOs Asia ENI Gendalo&Gandang Mubadala Tangkulo Ph1 Petronas Kelidang (i) PTTEP Block H (i) Africa AFC Pecan BP Greater Tortue Chevron Aseng ENI Baleine Mellitah Bahr Essalam Shell Bonga SW TotalEnergies CCE Venus
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© Subsea7 - 20256 subsea7.com Offshore wind outlook – dependent on UK AR7 process Project Developer GW Consent Grid Connection Outer Dowsing TotalEnergies 1.5 Seagreen 1A SSE 0.5 Berwick Bank A&B SSE 2.8 SEP/DEP Equinor 0.7 Norfolk Vanguard RWE 2.8 East Anglia 1N Iberdrola 0.9 Rampion 2 RWE 1.2 Awel y Môr RWE 1.1 Mona BP 1.5 Morgan BP 1.5 Inclusion in the list does not guarantee a project will be entered into AR7
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© Subsea7 - 20257 subsea7.com Norway – strong portfolio of projects in 2025 Ormen Lange compressor Ormen Lange Phase 3 • EPCI flowlines and installation of OneSubsea multiphase compression • Unlocking 40 bcm gas for Europe • Started up in June 2025 Yggdrasil • High activity at Vigra with 22 trips planned in 2025 for Seven Vega, Seven Oceans and Seven Navica • Launching a large bundle in summer 2025 Northern Lights CCS • Phase 1: 100km CO2 pipeline EPCI completed • Phase 2: pipeline, satellite structures and umbilicals. • Engineering underway and installation expected to begin in 2026 Ormen Lange compressor Yggdrasil bundle towhead at Wick Seven Navica, Northern Lights Phase 1
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© Subsea7 - 20258 subsea7.com Norway – continued new awards Ormen Lange compressor Source: Equinor Seven Borealis Øst Frigg • Part of the Yggdrasil development • A result of the Subsea Alliance with Aker BP • Fabrication of bundle at Wick • Offshore activities 2025-27 Fram Sør • EPCI award following FEED • Fabrication of flowlines at Vigra • Offshore activities 2026-28 • First all-electric production system in the North Sea PPF FEED • FEED and new framework agreement • Part of the rejuvenation of the Ekofisk complex • If FID, offshore activities using Seven Borealis A bundle cross section at Wick
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© Subsea7 - 20259 subsea7.com Brazil – a diverse portfolio of projects and prospects Long track record delivering major projects • 40-year history in Brazil • Complex deepwater developments • Mero 3, Mero 4 • Bacalhau • Búzios 8, Búzios 9, Búzios 11 PLSVs • Four PLSVs on long-term contract to Petrobras • Transitioning to new contracts • Two in 1H 2025 • Two in 2H 2025 Active tendering outlook • Five major SURF bids expected in the next 12 months for Petrobras • Expect to bid Bacalhau Phase 2 following completion of FEED • Long term prospects in the equatorial margin • Bumerangue – bp’s largest discovery in 25 years Logistics base, Rio de Janeiro Seven Waves in port Ubu spoolbase
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© Subsea7 - 202510 subsea7.com Türkiye – forging a new client relationship with fast-track solutions Seven Arctic entering the Bosphorus Strait Sakarya Phase 2 signing ceremony TPAO’s marine base in Filyos Sakarya Phase 1 • Nationally important gas development onstream just 30 months from discovery • Long tie-backs in harsh environment, ultradeep water o the Black Sea, with high H 2S • Led by Subsea7’s local presence in Istanbul and Filyos, and our Global Projects Centre Sakarya Phase 2 • Development of an additional 26 wells with a combined production of 30mmcmpd gas • EPCI 34km infield flowlines, 33km umbilicals • Offshore activities in 2025 Sakarya Phase 3 • Development of an additional 32 wells with a combined production of 40mmcmpd gas • Supporting Türkiye's vision for energy independence • Reflects our success in delivering complex offshore projects • Advances our strong regional presence
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© Subsea7 - 202511 subsea7.com Saipem7 – creating a global leader in energy services 6.6 8.8 14.5 21.2 22.2 26.9 35.0 USD figures translated into Euro using 0.9657 USD/EUR exchange rate as of 31-Dec-2024. Saipem7 Full year 2024 revenue (€bn)
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© Subsea7 - 202512 subsea7.com Saipem7 – offshore E&C at the heart 70% 4% 26% Subsea7 (Offshore E&C) Onshore E&C Drilling Offshore Combined revenue €21bn Aggregated, 2024 84% 14% 2% Subsea7 (Offshore E&C) Onshore E&CDrilling Offshore Combined EBITDA €2bn Aggregated, 2024 Combined numbers are calculated by aggregating the stand-alone companies and do not include expected synergies deriving from the transaction. Calculated using 31-Dec-2024 USD/EUR FX rate of 0.9657. Offshore E&C includes Offshore Wind. Onshore E&C includes Sustainable Infrastructures.
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© Subsea7 - 202513 subsea7.com Saipem7 – benefits for shareholders and clients A specialised, global workforce of ~44,000 people including 9,000 engineers and project managers in over 60 countries Full portfolio of pipeline solutions A full spectrum of offshore and onshore energy services including oil, gas, carbon capture and renewable energy Increased ability to optimise project schedules Increasing flexibility for clients Annual synergies of €300m from year 3 post completion Optimised capital expenditure across a complementary fleet €555m in special dividends for Subsea7 holders1 At least $300m ordinary dividend in 20262 Saipem7 to distribute annually at least 40% of free cash flow after lease payments Creating value for shareholders 1. Extraordinary dividend of €450m to be paid to Subsea7 shareholders immediately prior to the effectiveness of the merger. In accordance with the Merger Agreement, Subsea7 will distribute am additional special dividend of €105m to be paid at the earlier of closing the permitted business divestment or immediately before the Merger Effective Date. 2. Payable if the proposed combination has not completed before the approval of the full year 2025 of Saipem and Subsea7, and subject to each company’s 2025 results meeting certain agreed financial targets, as detailed in the Common Merger Plan. Subject to approval by shareholders.
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© Subsea7 - 202514 subsea7.com Saipem7 merger - next steps 1. Resolution of the shareholders’ meeting of Saipem subject to “whitewash” approval pursuant to article 49, first paragraph, letter (g), of Consob Regulation no. 11971/98. 2. Subject to each company’s 2025 results meeting certain agreed financial targets, as detailed in the Common Merger Plan. Subject to approval by shareholders. 3. In accordance with the Merger Agreement, Subsea7 will distribute a dividend of €105m to be paid at the earlier of closing the related, permitted business divestment or immediately before the Merger Effective Date. Both companies filing for antitrust and regulatory clearances Shareholders meeting1 25 September 2025 Antitrust and regulatory clearances Dividend of €105m3 to Subsea7 shareholders Before Closing Closing (merger deed) Saipem7 shares trading in Milan and Oslo H2 2026 2025 dividend of at least $300m2 for Saipem and Subsea7 shareholders Q2 2026 Second instalment of 2024 dividend November 2025 Special dividend of €450m to Subsea7 shareholders Immediately before closing Ongoing
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© Subsea7 - 202515 subsea7.com Subsea7 – a clear strategy to deliver returns Delivering profitability Delivered 53% growth in EBITDA in 2024, with a margin of 16% Guidance to expand margins to 18-20% in 2025. Consensus EBITDA growth of 26%1 Continued margin expansion expected in 2026 Strong backlog and outlook Backlog for execution in 2026 of $5.2bn Large pipeline of tendering prospects in subsea, including five major bids in Brazil Well-positioned for awards relating to UK AR 7 in offshore wind Financial strength Balance sheet strength provides client assurance Investment grade credit rating Net debt to TTM EBITDA of 0.6 times at Q2 2025 Liquidity of $1.2 bn at Q2 2025 Value accretive merger €300m p.a. synergies from Year 3 Special dividends totaling €555m2 Ordinary dividend of at least $300m3, paid in 2026 Saipem7 to return at least 40% of free cash flow post lease payments Well-positioned in key markets Market-leading SURF and offshore wind capabilities ~3,000 experienced engineers worldwide Wide range of pipeline solutions and a successful track record of delivery Contract structures tailored to clients’ needs 1. Company-compiled consensus, 8 September 2025. 2. Extraordinary dividend of €450m to be paid to Subsea7 shareholders immediately prior to the effectiveness of the merger. In accordance with the Merger Agreement, Subsea7 will distribute am additional special dividend of €105m, related to permitted business divestment, to be paid at the earlier of closing the permitted business divestment or immediately before the Merger Effective Date. 3. Payable if the proposed combination has not completed before the approval of the full year 2025 of Saipem and Subsea7, and subject to each company’s 2025 results meeting certain agreed financial targets, as detailed in the Common Merger Plan. Subject to approval by shareholders.
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© Subsea7 - 202516 subsea7.com