1Results at December, the 31st 2006

2

Executive SummaryExecutive Summary

3

1. Trevi Group

2. Financial Results

3. Drilling Sector

4. Foundation Sector

4

TREVI GroupTREVI Group

Special foundation rigs Oil drilling rigs Oil drilling services

Foundation Sector 77,1% (*) Drilling Sector 22,9% (*)

Special foundation services

Foundation Services 50,1%Foundation Equipments 27,0%

Drilling Services 4,3%Drilling Rigs 18,6%

• Deep Foundations

• Geotechnical Works

• Marine Works

• Tunnel Consolidation

• Automated Car Parks

• Hydraulic Rotary Rigs

• Cranes

• Jet Grouting

• Tunnel Consolidation

• Casing Oscillators

• Extractors

• Drilling Tools

• etc.

• Hydraulic Rigs (HH Series)

• Derricks & Offshore

• Masts & Substructures

• Mobile Drilling Rigs

• Hydraulic Top Drives

• Triplex Mud Pumps

(*) as of December 2006

• Onshore Drilling

• Long term contracts

• Latin America emerging Player

Overview

TREVI – Finanziaria Industriale

5

Unique Business ModelUnique Business Model

Technological Innovation Process Innovation

STRENGTHENING MARKET LEADERSHIPSTRENGTHENING MARKET LEADERSHIP

FOUNDATION EQUIPMENTS AND DRILLING RIGS FOUNDATION AND DRILLING SERVICES

Overview

6

The Roots of Innovation: Core BusinessThe Roots of Innovation: Core Business

Know HowSharing

Interaction with “hard”customers /projects

Cooperation with Universities and Research

Centers

Competition / Cooperation with Competitors

InfrastructuresInfrastructures Hard Soils / Grounds

Overview

7

The Roots of Innovation: DrillingThe Roots of Innovation: Drilling

Know HowSharing

Merging Different Competences /

Capabilities

Cooperation with Universities and Research

Centers

Electronics/ Electronics/ ElectricsElectrics

HydraulicsHydraulics

GeotechnicsGeotechnics

HH

Overview

8

A Global PresenceA Global Presence

Venezuela Trevi Cimentaciones C.A.

U.S.A. Trevi Icos Corporation (Boston)Trevi Icos South Inc.

MozambiqueProfuro Lda

NigeriaTrevi Foundations

U.A.E. Swissboring

OmanSwissboring

AlgeriaTrevi Algerie

GermanySpezialtiefbau GmbHSwedenHercules Trevi Foundations A.B.

Italy Trevi S.p.A. (Cesena)RCT S.r.l. (Milano)

Hong KongTrevi Construction

PhilippinesTrevi Philippines Inc.

JapanSoilmec Japan

ChinaR. officeHong KongSoilmec H.K. Ltd

SingaporeSoilmec Far East Ltd

ItalySoilmec S.p.A. (Cesena)PSM S.r.l. (Treviso)

TREVI Division

SOILMEC Division

DRILLMEC Division

Italy (Piacenza)DRILLMEC S.p.A.EDRA S.r.l.

U.S.A.Drillmec Inc.

ArgentinaPilotes Trevi

ColombiaPetreven Colombia

CanadaTrevi Foundations Canada Inc.

Qatar Swissboring

IranTrevi Iran Branch

New ZealandTrevi Construction

FranceSoilmec France

PeruPetreven Perù Branch

PETREVEN Division Petreven - UTE

Petreven Venezuela

UKSoilmec Ltd

30 operating companies in 26 Countries - 36 Business Units

AustriaTrevi Branch

IndiaSoilmec India

Overview

9

Highlights 2006Highlights 2006

REVENUES = Euro 642 mln (+29%)

EBIT MARGIN = 9% (+102%)

BACKLOG = Euro 637 mln (+ 23%)

EXCHANGEABLE BOND Euro 70 mln

NEW LINES SOILMEC AND DRILLMEC

Overview

10

1. Trevi Group

2. Financial Results

3. Drilling Sector

4. Foundation Sector

11

263,0304,0

349,7 340,1366,6 366,4

497,7

642,4

1999 2000 2001 2002 2003 2004 2005 2006

Euro

mln

Revenues Trend 1999Revenues Trend 1999--20062006

CAGR ‘99-’04 = 6,8%

CAGR 04-06 = 32,4 %

Overview

12

9,140,7

45,5

49,4

642,4

497,7

18,1%

35,7%

51,7%49,5%

Revenues +29%Revenues +29%

2005 2006Financial Results

54%

26%

16%

4%

4%

19%

27%

50%

13

78,8 77,1 100,8 109,531,2 39,2

53,884,974,3 48,2

55,9

89,0

22,6 46,7

48,6

61,9

63,5 51,8

89,1

99,2

66,7 76,1

114,6

165,3

29,6 27,2

34,9

32,6

2003 2004 2005 2006

Euro

mln

Far East andOtherMiddle East

Africa

Latin America

U.S.A. andCanadaEurope (excl.Italy)Italy

Revenues: Geographical BreakdownRevenues: Geographical Breakdown

CAGR ‘03-’06 : + 20,5%

366,6 366,4

497,7

642,4

Financial Results

14

196241

329 316

100

130

188

321

31/12/2003 31/12/2004 31/12/2005 31/12/2006

Euro

mln

Foundation Sector Drilling Sector

Backlog +23%Backlog +23%

296371

517

637

Growth 2004-2006 = 71,7 %

Financial Results

AREA Euro mln %Latin america 186,7 29,3%Middle East 121,0 19,0%U.S.A. and Canada 107,3 16,8%Italy 93,6 14,7%Europe (excl. Italy) 62,7 9,9%Africa 55,1 8,7%Far East 7,4 1,2%Other 3,0 0,5%TOTAL 636,8 100%

Drilling Services25%

Foundation Services41% Drilling Rigs

25%

Foundation Equipments

9%

15

2006 % 2005 %

REVENUES 642,4 100,0% 497,7 100,0%

EBITDA 85,6 13,3% 55,3 11,1%

EBIT 58,1 9,0% 28,7 5,8%

NET PROFIT 26,8 4,2% 12,8 2,6%

2006 2005

NET CAPITAL EMPLOYED 302,9 228,1

EQUITY 127,4 102,1

NET DEBT 175,5 126,0

2006 2005

NET DEBT/ EBITDA 2,05X 2,28X

NET DEBT / EQUITY 1,38X 1,23X

Financial HighlightsFinancial Highlights

REVENUES +29%

INVESTMENTS € 55 MLN

EXCHANGEABLE BOND

NET PROFIT +109%

Financial Results

16

Quarterly Analysis 2005 Quarterly Analysis 2005 vsvs 20062006

REVENUES BREAKDOWN EBIT BREAKDOWN

1Q 851Q 163

2Q 134

2Q 1513Q 133

3Q 1554Q 146

4Q 173

2005 2006

92,5%

12,9%

16,3%

18,7%498

642

1Q 16,1

1Q 3,4

2Q 11,9

2Q 7,0

3Q 13,6

3Q 7,7

4Q 16,5

4Q 10,6

2005 2006

373,5%

70,0%

76,6%

55,7%

28,7

58,1

Financial Results

17

EbitEbit MarginMargin 9%9%

Financial Results

350 340367 366

498

642

5,8%

0,7%

1,4%

4,6%5,0%

9,0%

0

100

200

300

400

500

600

700

2001 2002 2003 2004 2005 2006

Euro

mln

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

8,0%

9,0%

10,0%

Revenues EBIT Margin%

18

2,4 4,7

16,7 18,4

28,7

58,1

2001 2002 2003 2004 2005 2006

Euro

mln

20,327,3

41,3 41,6

55,3

85,6

2001 2002 2003 2004 2005 2006

Euro

mln

Revenues and Margins: 2001Revenues and Margins: 2001--20062006REVENUES

EBITDA EBIT

+54,8%

+29%

+102,4%

349,7 340,1366,6 366,4

497,7

642,4

2001 2002 2003 2004 2005 2006

Euro

mln

Financial Results

19

298

362

3,8%

9,2%

0

50

100

150

200

250

300

350

400

2005 2006

Euro

mln

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

8,0%

9,0%

10,0%

Mar

gin

%

Revenues Ebit%

(*) Not Consolidated Data

Foundation and Drilling ServicesFoundation and Drilling Services

Financial Results

U.S.A. and Canada10,5%

Latin America14,5%

Africa17,4%

Middle East29,4%

Far East1,0%

Other0,9%

Italy23,3%

Europe (excl. Italy)3,0%

20

310

208

10,2%

7,6%

0

50

100

150

200

250

300

350

2005 2006

Euro

mln

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

Mar

gin

%Revenues Ebit%

Foundation Equipments and Drilling RigsFoundation Equipments and Drilling Rigs

(*) Not Consolidated Data

Financial Results

U.S.A. and Canada16,6%

Latin America4,1%

Africa11,8%

Middle East20,6%

Far East8,5%

Other0,1%

Italy14,4%

Europe (excl. Italy)24,0%

21

Changes in Net Financial PositionChanges in Net Financial Position

FREE CASH FLOW

~ - 40 mln Euro

Financial Results

82

15

53

55

6510

126

176

-15

5

25

45

65

85

105

125

145

165

185

Net Debt31/12/05

EBIT + D&A TAXES Δ WC INVESTMENTS INTERESTS EXCHANGEDIFFERENCES

OTHER Net Debt31/12/06

Euro

mln

22

Net Financial PositionNet Financial Position

Net Debt / Equity 1,83x 1,23x 1,38x

Financial Results

175,5

126,0

148,0

2,05x

3,56x

2,28x

0

50

100

150

200

250

31/12/2004 31/12/2005 31/12/2006

Euro

mln

0,0x

0,5x

1,0x

1,5x

2,0x

2,5x

3,0x

3,5xNET DEBT NET DEBT / EBITDA

23

Indirect Exchangeable Bond EUR 70M 30/11/2006Indirect Exchangeable Bond EUR 70M 30/11/2006

Exchangeable Bond

Equity Equity €€127,4 mln127,4 mln

Net Debt€ 175,5

mln

As of 31/12/2006 In case of Conversion

Equity Equity €€189,4 mln189,4 mln

Net Debt€ 113,5

mln

Net Debt / Equity

February 2007: stock price over strike price (Euro 11,30)

Available Share Settlement Option

1,381,38XX 0,530,53XX

Financial Results

24

1. Trevi Group

2. Financial Results

3. Drilling Sector

4. Foundation Sector

25

Oil & Gas: Current OutlookOil & Gas: Current Outlook

Source: Bear Sterns, Energy Perspectives

MAJORS OPERATING RESULTS NUMBER OF RIGS vs OIL PRICE

USD / Barile

Prezzo del greggio inflation adjusted

-

1.000

2.000

3.000

4.000

5.000

6.000

2007200219971992198719821977

U.S.

Canada

Far East

Middle East

Africa

Europe

LatinAmerica

0

10

20

30

40

50

60

70

80

90

100

Source: Baker Hughes

Rig

s N

umbe

r

USD

/Barrel

Source: Reuters & Citigroup Investment Research

Oil Price and Investments: a Steady Scenario

Settore Perforazioni

26

Expected Investments in Oil & Gas 2007: + 17%Expected Investments in Oil & Gas 2007: + 17%

Drilling Sector

COMPANIES '07 vs '06 % Change

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

RUSSIASurgutneftegaz 43Lukoil 47Gazprom 41Rosneft 57TNK 16

LATIN AMERICAPetrobras 18Pemex 11

INTERNATIONALPetroChina 10Sinopec 5ONGC 11Woodside Petroleum 62Cnooc 8

SUPER MAJORSRoyal Dutch Shell 10Exxon Mobil 7Total 6Chevron 34ConocoPhillips 5

Source: Lehman Brothers Global Equity Research's Original E&P Spending Survey, Dec 13, 2006

USD bln

SELECTED OIL & GAS COMPANIES' EXPLORATION AND PRODUCTION BUDGETS FOR 2007, ESTIMATES

TREVI Group

Partners

27

HH Series: Competitive AdvantageHH Series: Competitive Advantage

Average increase by 30% of drilling performances

Reduction by 75% of occupied

areas

Average reduction by 40% of mobilization and transport costs

Average reduction by 30% of drilling costs

Drastic reduction in the no. of accidents and failures

STRATEGIC POSITIONING ALSO

IN CASE OF NEGATIVE SCENARIO

Drilling Sector

28

DRILLMEC DRILLMEC OverviewOverview

40,8

78,7

119,5

2004 2005 2006

Euro

mln

REVENUES 2004-2006

CAGR 2004-2006 = 71%

DRIVERS THE FUTURE

Drilling Drilling AcademyAcademy

Strategic Strategic Partnership Partnership

with clients and with clients and competitorscompetitors

Outsourcing Outsourcing CapabilitiesCapabilities

Widening of Widening of commercial network commercial network and strengthening and strengthening relationship with relationship with

Majors Majors

Increasing production Increasing production capacity also through capacity also through

delocalizationdelocalization

HH: Technological HH: Technological InnovationInnovation Widening products Widening products

rangerange

Drilling Sector

29

HH Rigs Delivered or OrderedHH Rigs Delivered or Ordered

CIS: 1 rig

Australia: 4 rigs

Iceland: 2 rigs

Egypt: 1 rig

North Africa: 16 rigs

Syria: 1 rig

Argentina: 5 rigs

Venezuela: 5 rigs

Colombia: 1 rigChina: 2 rigs

U.S.A.: 32 rigs (*)

Peru: 2 rigs

UK: 4 rigs Italy: 7 rigs

Germany: 1 rig

Congo: 1 rig

(*) of which 8 already delivered

Drilling Sector

30

PETREVEN PETREVEN –– Rigs EvolutionRigs Evolution

2004

2 rigs

2005

4 rigs

2006

8 rigs

ARGENTINA

5 rigs HH102

-Petrobras (2)

-Chevron Texaco (1)

-Repsol YPF (2)

VENEZUELA

1 rig HH300

Petrobras

COLOMBIA

1 rig HH102

Petrobras

PERU

1 rig HH102

Petrobras

Drilling Sector

31

PETREVEN PETREVEN OverviewOverview

REVENUES 2004-2006 DRIVERS THE FUTURE

Preferential access to Preferential access to HH series technology HH series technology

Historical strong Historical strong presence in Latin presence in Latin

AmericaAmerica

Constant growth with Constant growth with ““acquisitionacquisition”” of new of new

rigsrigs

Development of Development of commercial and commercial and

technological technological partnerships partnerships

12,2

18,3

27,4

2004 2005 2006

Eur

om

ln

CAGR 2004-2006 = 50 %High operating and High operating and safety standardssafety standards

Further development of Further development of know how know how

(especially with regard (especially with regard to Hydraulic Rigs)to Hydraulic Rigs)

Drilling Sector

32

1. Trevi Group

2. Financial Results

3. Drilling Sector

4. Foundation Sector

33

TREVI: The TREVI: The TechnologicalTechnological PartnerPartner

Foundation Sector

GROUND ZERO GROUND ZERO -- USAUSA DIAVIK DIAVIK -- CANADACANADA

ARAPUNI DAM ARAPUNI DAM -- NEW ZEALANDNEW ZEALANDBAMIYAN BAMIYAN -- AFGHANISTANAFGHANISTAN

34

TREVI TREVI –– TheTheTechnologicalTechnological Partner: Partner: ArapuniArapuni DamDam

Source: Contractor, April 2007

Foundation Sector

35

Nigeria: Nigeria: GrimaldiGrimaldi DockDock

Foundation Sector

36

““DubaiDubai……WhereWhere the Future the Future BeginsBegins””

Foundation Sector

37

Case Study: Naples Underground (1/3)Case Study: Naples Underground (1/3)

Water head max = 37 meters high load

Dead hole drills no points of reference

High risks of ground failing with possible effects on buildings and people

PROJECT CRITICAL ISSUES

Need to give a technological answer to each critical issue

Foundation Sector

Well Well (reinforced (reinforced concrete)concrete)

LiftLift

Station Station TunnelsTunnels

38

Case Study: Naples Underground (2/3)Case Study: Naples Underground (2/3)

MAIN SOLUTIONS APPLIEDMAIN SOLUTIONS APPLIED

ARTIFICIAL FREEZING: temporary waterproofing / strengthening technique for excavation of incoherent soils or rocks

HDD TECHNOLOGY (HORIZONTAL DIRECTIONAL DRILLING): HDD Technology use dead hole drills with high water head high precision drilling

Foundation Sector

Freezing PipesFreezing PipesFreezing Soil Freezing Soil

ShellShell

Definitive Definitive CoveringCovering

Excavation Excavation ProfileProfile

Reference Reference HoleHole

39

Case Study: Naples Underground (3/3)Case Study: Naples Underground (3/3)

Freezing of the cover Bulkhead cut using diamond cable Tunnel excavation, waterproofing, reinforcement and assembling

Freezing System Arrangement Temperature Control System Arrangement

Directional Control System Arrangement

Foundation Sector

40

224,1

273,0

322,4

2004 2005 2006

Euro

mln

TREVI TREVI OverviewOverview

REVENUES 2004-2006 DRIVERS THE FUTURE

Strengthening of Strengthening of market leadership in market leadership in existing geographical existing geographical

areasareas

Focus on Focus on ““bigbig””infrastructural infrastructural

projectsprojects

Selective growth in Selective growth in new geographical new geographical

areasareas

Looking for new Looking for new market niches to market niches to

addressaddress

CAGR 2004-2006 = 20 %Global growth of Global growth of infrastructural infrastructural expenditures expenditures

Focusing on project Focusing on project with strong with strong

technological technological challengeschallenges

((General Specialty General Specialty ContractorContractor))

Focusing on maritime Focusing on maritime projects projects

Foundation Sector

41

SoilmecSoilmec: Points of Strength: Points of StrengthTHE PEOPLETHE PEOPLE THINKING AHEAD THINKING AHEAD

((to open up new horizons to open up new horizons ))

TECHNOLOGICAL INNOVATIONTECHNOLOGICAL INNOVATIONGLOBAL PRESENCEGLOBAL PRESENCE

Foundation Sector

42

Soilmec Open HouseSoilmec Open House

900 clients 12 new models

Foundation Sector

43

89,3

127,6

173,1

2004 2005 2006

Euro

mln

Soilmec Soilmec OverviewOverview

REVENUES 2004-2006 DRIVERS THE FUTURE

Renewal of existing Renewal of existing products line and products line and

widening of the rangewidening of the range

Outsourcing Outsourcing Capabilities Capabilities

(# of equipments (# of equipments ’’0404--’’06 = + 120%)06 = + 120%)

Increasing production Increasing production capacity in Italycapacity in Italy

Launching of new Launching of new products and products and

addressing new addressing new market nichesmarket niches

CAGR 2004-2006 = 39 %Global growth of Global growth of infrastructural infrastructural expenditures expenditures

Strengthening of Strengthening of market share in the market share in the

existing markets existing markets

Foundation Sector

44

Year 2006 at a GlanceYear 2006 at a Glance

Further Consolidation of the Business Model

Strong Growth with Financial Balance

Oil & Gas as a New Core Business

Foundations: the Foundation of the Group