Oil & Gas Market Volatility: Saipem's financial performance is highly dependent on investment levels in the oil and gas industry, which are susceptible to fluctuations in global energy prices, geopolitical shifts, and the accelerating energy transition towards renewables.

Complex Project Execution Risks: Undertaking large-scale, complex engineering, procurement, and construction (EPC) projects involves inherent risks of cost overruns, schedule delays, unforeseen technical challenges, and potential claims or disputes with clients.

Geopolitical and Operational Risks: Operating in diverse international locations, including politically sensitive or unstable regions, exposes Saipem to political instability, regulatory changes, currency fluctuations, and security risks that can impact project delivery and profitability.