In a joint statement, they said the venture may seek to take part in European Union funding schemes such as the Green Deal and the Recovery Fund.
Energy group Eni, which owns around 30% of Saipem, is looking to carbon capture, utilisation and storage (CCUS) projects to help it cut its greenhouse gas emissions by 80%, part of a push to make its business greener.
The group is developing a large-scale CCUS facility around the Italian town of Ravenna to create one of the biggest CO2 hubs in the world.
Saipem, a market leader in subsea engineering and construction, is developing new lines of business to boost order books.
(Reporting by Stephen Jewkes; Editing by Jan Harvey)