In a court ruling in Milan, former Saipem CEO Pietro Tali was sentenced to four years and nine months in prison.
Three other executives were all acquitted.
The case came about after allegations Saipem paid intermediaries around €198m to secure €8bn worth of contracts from Algeria’s Sonatrach.
“The Court of Milan pronounced judgement in the criminal proceedings concerning offences allegedly committed in Algeria up to March 2010 relating to certain contracts which were completed quite a few years ago,” Saipem said in a statement.
The court also ordered the confiscation of around €197m from Tali and other former Saipem managers sentenced. Saipem itself was fined €400,000.
Saipem said it reserved the right to appeal the decision.