Changes in the scope of consolidation

Changes in the scope of consolidation with respect to the consolidated financial statements at December 31, 2012, are detailed below in date order.

New incorporations, disposals, liquidations, mergers and changes to the consolidation method:

  • Saipem Qatar Llc, previously accounted for using the equity method, was removed from the Register of Companies;
  • Snamprogetti Engineering & Contracting Co Ltd, with registered offices in Saudi Arabia, was incorporated and consolidated using the full consolidation method;
  • SAIMEP Lda, with registered offices in Mozambique, was incorporated and consolidated using the full consolidation method;
  • CSC Western Australia Pty Ltd, with registered offices in Australia, was incorporated and is accounted for using the equity method;
  • CSC Japan Godo Kaisha, with registered offices in Japan, was incorporated and is accounted for using the equity method;
  • Bonny Project Management Co Ltd, previously accounted for using the equity method, was removed from the Register of Companies;
  • Saipem Ingenieria y Construcciones, SLU, previously consolidated using the equity method, was consolidated using the full consolidation method;
  • TSGI Mühendislik Insaat Ltd Sirketi, with registered offices in Turkey, was incorporated and consolidated using the proportionate method;
  • Varisal - Serviços de Consultadoria e Marketing, Unipessoal Lda, previously consolidated using the full consolidation method, was removed from the Register of Companies;
  • BOS Investment Ltd, previously accounted for using the cost method, was removed from the Register of Companies;
  • BOS - UIE Ltd, previously accounted for using the cost method, was removed from the Register of Companies;
  • Saibos Akogep Snc, consolidated using the proportionate method, was placed into liquidation and subsequently removed from the Register of Companies;
  • Servicios de Construcciones Caucedo SA, previously accounted for using the equity method, was removed from the Register of Companies;
  • following a capital increase, ownership of Sabella SAS is as follows: 35.09% by Sofresid Engineering SA and 64.91% by third parties;
  • Consorzio Libya Green Way, accounted for using the equity method, was placed into liquidation;
  • Milano-Brescia-Verona Scarl, previously accounted for using the equity method, was removed from the Register of Companies;
  • CSFLNG Netherlands BV, with registered offices in Amsterdam, was incorporated and consolidated using the proportionate method;
  • PLNG 9 Snc di Chiyoda Corp e Servizi Energia Italia SpA, accounted for using the equity method, was placed into liquidation;
  • Dalia Floater Angola Snc, consolidated using the proportionate method, was placed into liquidation and subsequently removed from the Register of Companies;
  • Floaters SpA, with registered offices in San Donato Milanese, was incorporated and accounted for using the cost method, and subsequently sold to Eni;
  • Saipem Services SA, consolidated using the full consolidation method, was placed into liquidation.

Changes of company names or transfers of holdings between Group companies not affecting the scope of consolidation:

  • Snamprogetti Canada Inc, fully consolidated, changed name to Saipem Canada Inc.