1. Saipem adopts the new corporate governance code

    Saipem San Donato Milanese (Milan), 14 December 2006 - The Directors of Saipem met today to discuss the company's compliance with the guidelines and recommendations set out in the new version of the corporate governance code for listed companies, issued on 14 March 2006. The Board of Directors resolved to comply with the new version of the Code and agreed that any measures necessary to comply with any of its recommendations, which are not currently met by Saipem, will be taken in early 2007. The

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