General Offer By FINCANTIERI O&G For VARD Shares

FINCANTIERI S.p.A. 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.