(Source: Shutterstock/ Subsea7)
Saipem and Subsea7 have agreed to merge, creating an offshore energy services company called Saipem7 with annual revenue of approximately20 billion euros (US$21 billion) and a backlog of 43 billion euros (US$45.2 billion).
The companies “share the conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects,” they said in a news release. “Saipem and Subsea7 are highly complementary in terms of market offerings and geographies.”
Saipem CEO Alessandro Puliti would lead the combined company. Subsea7 CEO John Evans would become CEO of the Saipem7’s offshore business.
The companies said they anticipated the deal would close in the second half of 2026. Saipem7 would be listed on the Milan and Oslo stock exchanges.
Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held. Subsea7 will distribute an extraordinary dividend for an amount equal to €450 million (US$473 million) immediately prior to the deal’s completion, the companies said.
Saipem7 would employ more than 45,000 people after the merger. The companies said they would expect to save 300 million euros (US$315.2 million) per year by the third year after completion at a one-time cost of 270 million euros (US$283.74 million).
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