Saipem was pleased to learn that the Federal District Court of Brasilia has annulled the order of the Controladoria-Geral da União (‘CGU’) prohibiting Saipem SA and Saipem do Brasil from contracting with the Brazilian public administration, for a period of two years, due to alleged irregularities in the award of a contract dating back to 2011. The Court therefore upheld the grounds of appeal formulated by the two companies’ defences.

Since this is a ruling nullifying an administrative measure, under Brazilian law, an appeal phase must now follow, during which the effects of the annulment ruling are suspended. Saipem SA and Saipem do Brasil will continue to take all necessary steps to ensure the protection of their interests in the continuation of the proceedings.

For further information on the proceedings, please refer to the press release dated 12 January 2024 and the detailed description contained in the ‘Litigation’ section of the Saipem S.p.A. Consolidated Half-Year Financial Report on June 30, 2024.