VARD FOURTH QUARTER AND FULL YEAR 2016 FINANCIAL RESULTS

Trieste, February 28, 2017 – FINCANTIERI S.p.A. (“Fincantieri” or the “Company”)announces that Vard Holdings Limited (“VARD”) issued its unaudited fourth quarter and full year 2016 financial results.

Fincantieri fully consolidates VARD’s financial results.

At December 31, 2016, Fincantieri held 55.63% of VARD share capital through its subsidiary Fincantieri Oil & Gas S.p.A. ("Fincantieri O&G") and has subsequently increased its stake to 69.67% at February 16, 2017, including the acceptances related to the voluntary unconditional general offer for all the ordinary shares of VARD other than those already owned, controlled or agreed to be acquired by Fincantieri O&G, its related corporations and their respective nominees, launched on November 13, 2016, with the closing date on March 10, 2017, subject to further extensions.

The press release and the document “Fourth quarter and Full year 2016 Financial Statements” released by VARD on the website www.vard.com are here attached.