GENERAL OFFER BY FINCANTIERI OIL & GAS FOR VARD SHARES - ACCEPTANCE CONDITION REDUCED - OFFER DECLARED UNCONDITIONAL

Trieste, January 12, 2017 – FINCANTIERI S.p.A. (“Fincantieri” or the “Company”) announces that, in relation to the voluntary conditional general offer ("Offer") announced on November 13, 2016 by its subsidiary Fincantieri Oil & Gas S.p.A. ("Fincantieri O&G") for all the ordinary shares of Vard Holdings Limited ("Vard") other than those already owned, controlled or agreed to be acquired by Fincantieri O&G, its related corporations and their respective nominees, the acceptance condition of the Offer has been reduced to a level of more than 50% of the total number of Vard shares. As Fincantieri O&G already holds approximately 55.63% of the total number of Vard shares, the reduced acceptance condition has been satisfied, and as the Offer is not subject to any other conditions, it has been declared unconditional in all respects. Accordingly, the closing date of the Offer is extended from 5.30 p.m. (Singapore time) on January 12, 2017, to 5.30 p.m. (Singapore time) on February 2, 2017.

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The directors of Fincantieri O&G (including any who may have delegated detailed supervision of this press release) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this press release are fair and accurate and that no material facts have been omitted from this press release, and they jointly and severally accept responsibility accordingly. Where any information has been extracted or reproduced from published or otherwise publicly available sources (including, without limitation, in relation to Vard), the sole responsibility of the directors of Fincantieri O&G has been to ensure through reasonable enquiries that such information has been accurately and correctly extracted from such sources or, as the case may be, reflected or reproduced in this press release.