Italian oilfield services company Saipem, a former division of Eni, and its Luxembourg-based competitor Subsea7 have announced a merger
The agreement will create a new global energy services giant, Saipem7, according to a Saipem press release. The deal is valued at approximately $4.6 billion
*Saipem and Subsea7 management share the belief that there is a compelling logic to creating a global energy services leader, especially given the growing size of their clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geography, Subsea said in a press release.*
The combined company will be structured around four business areas: offshore engineering and construction, onshore engineering and construction, sustainable infrastructure, and offshore drilling
The parties expect to close the agreement in the second half of 2026. The combined company will be headquartered in Milan and Saipem7 shares will be traded on the Milan and Oslo stock exchanges.
