Italy: Saipem Board Names Chairman, CEO and Deputy CEO

The Board of Directors of Saipem S.p.A., convened Monday and following the resolutions taken by the Shareholders’ Meeting on May 4, 2011, approved the appointments of the Chairman, Deputy Chairman and CEO and Deputy CEO of Saipem S.p.A.

It also ascertained the independence requirements for Board Directors and Statutory Auditors and appointed the members of the internal Board Committees.

Saipem’s Board of Directors is comprised of:

* Alberto Meomartini (Chairman – non-independent, non-executive Director)

* Pietro Franco Tali (Deputy Chairman and CEO – non-independent, executive Director)

* Hugh James O’Donnell (Deputy CEO – non-independent, executive Director)

* Umberto Vergine (non-independent, non-executive Director)

* Gabriele Galateri di Genola (independent, non-executive Director)

* Nicola Greco (independent, non-executive Director)

* Maurizio Montagnese (independent, non-executive Director)

* Mauro Sacchetto (independent, non-executive Director)

* Michele Volpi (independent, non-executive Director)

The Compensation Committee is comprised of:

* Gabriele Galateri di Genola (Chairman)

* Nicola Greco

* Maurizio Montagnese

[mappress]

Source: Saipem, May 10, 2011;