Saipem and Subsea7 have entered into a binding merger agreement to create a global leader in energy services, reaffirming the terms outlined in their February 2025 Memorandum of Understanding.
Both companies provide well upgrades and other services.
The new combined entity, to be called Saipem7, will be headquartered in Milan and listed on both the Milan and Oslo stock exchanges.
With an estimated annual revenue of €21bn, EBITDA exceeding €2bn, and a combined project backlog of €43bn, Saipem7 aims to position itself as a dominant force in offshore energy projects.
The merger brings together two highly complementary businesses, combining their geographic footprints, technologies, fleets and client portfolios.
No single entity will represent more than 15% of the overall backlog, underscoring the diversified nature of the business.
On completion, expected in the second half of 2026, shareholders of Saipem and Subsea7 will each own 50% of the new entity.
Subsea7 shareholders will receive 6.688 new Saipem shares per share held and a €450mn extraordinary dividend prior to closing.
Leadership will reflect a balanced governance structure: Mr Kristian Siem is expected to chair the board, while Mr Alessandro Puliti is set to become CEO. The Offshore Engineering & Construction business will be managed under a separate company, Subsea7 – a Saipem7 company – with Puliti and Subsea7’s John Evans leading as Chairman and CEO respectively.
The deal is backed by major stakeholders Eni, CDP Equity and Siem Industries, who have signed a shareholders’ agreement and committed to vote in favour.
The merger is expected to deliver €300mn in annual synergies, with added benefits to clients through enhanced project scheduling, expanded fleet capabilities, and integrated life-of-field services across oil, gas, and carbon capture.
Serica Energy plc, a UK-based independent upstream oil and gas company with a focus on the North Sea and a production portfolio comprising over 85% gas, has released an operational update reflecting its continued development.
Mitch Flegg, Chief Executive Officer of Serica Energy, commented, "I am delighted with the significant progress that Serica has continued to make during 2022. The impact of the substantial investment programmes undertaken in the last three years has seen increased production levels providing responsibly sourced gas to the UK domestic market, protecting security of supply, and reducing the UK’s reliance on imports as part of the transition to a lower carbon future.
Commodity prices have been exceptionally strong during the period with a resulting positive impact on income.
Serica has no debt, limited decommissioning liabilities and with growing cash reserves is well positioned to continue to invest in further projects and other opportunities to add shareholder value. We have just completed a well intervention campaign on Bruce that has boosted net production by over 3,000 boe/d and provides further evidence of the value in Serica’s assets that can be realised through measured and expert operatorship.
Operations have also commenced on the North Eigg exploration well with potential for transformational results, while we are now accelerating further well intervention work on Bruce and Keith following the success of the recently completed campaign.”
Bruce Field light well intervention results
Serica recently completed its inaugural Light Well Intervention Vessel (LWIV) campaign, which concluded safely and without any environmental issues. This campaign aligns with Serica’s strategy to enhance value and extend the operational lifespan of the Bruce facilities.
The first well (Bruce M1) was accessed for the first time since 1998. Following successful scale removal and water shutoff, extensive reperforation and new perforation activities were carried out, leading to a production increase from approximately 400 boe/d to over 1,800 boe/d as of July 2022.
A similar approach was implemented on Bruce M4, where production rose from around 450 boe/d to over 2,400 boe/d. The strong results from both wells surpassed expectations and are expected to positively impact independently assessed reserves. The successful execution of this programme has boosted confidence in the potential of future well interventions.
As capital investment in the Bruce and Keith fields qualifies for investment relief under the UK’s recently introduced Energy Profits Levy, Serica is now fast-tracking additional interventions on other Bruce and Keith wells, both subsea and platform-based.
The Fram Sor development project offshore Norway will undergo engineering, procurement, construction and installation (EPCI) work in line with a significant contract signed between the project operator, Equinor, and offshore projects enabler, Subsea7.
The EPCI development will comprise the inlaying of 53 kms of production, gas lift and water injection lines that will make up the vast body of subsea structures and flowlines. Alongside, the technical development will also include the installation of an umbilical system to support the front-end engineering and design in terms of an earlier contract reached in January.
The assembling activities to advance engineering and project management will be initiated from the company's Norway and United Kingdom bases before offshore installation work begins from 2026-2028.
The Fram Sor region sits 10-30 kms north of the Equinor-operated Troll C platform, which lies 70 kms north-west of Bergen. There are plans to connect the project to the existing Fram and Troll C infrastructure.
Erik Femsteinevik, Vice President for Subsea 7 Norway, said, “This award continues our long-standing collaboration with Equinor. The FEED study enabled Subsea7 to engage early in the field development process, optimising design solutions and contributing to the final investment decision. We look forward to working closely with Equinor to deliver the Fram Sør development safely and efficiently."
Contract is subject to authority approval of Plan for development and operations (PDO).
A new natural gas discovery has been made at the “Pegasus-1” well, located in Block 10 of the Exclusive Economic Zone (EEZ) of the Republic of Cyprus.
The discovery follows the successful completion of drilling operations carried out by the consortium of ExxonMobil Exploration and Production Cyprus (Offshore) Limited, the operator, and QatarEnergy International E&P LLC.
Valaris, a global offshore drilling company that provides services to the energy industry, confirmed the discovery. The “Pegasus-1” well is situated approximately 190 km offshore, southwest of Cyprus. Drilling was conducted by the “Valaris DS-9” drillship, which safely reached a depth of 1,921 metres of water. The well revealed an estimated 350 metres of gas-bearing reservoir.
According to the government of Cyprus, further evaluation will be required in the coming months to assess the results of the discovery and determine the potential of the find.
This marks the second confirmed gas discovery in Block 10 by ExxonMobil and QatarEnergy. The first was the “Glaucus-1” well, announced in February 2019. That was followed by the “Glaucus-2” appraisal well, completed in March 2022, which confirmed the existence of high-quality gas-bearing reservoirs in the area.
Earlier this month, the President of the Republic of Cyprus, Mr Nikos Christodoulides, was briefed on the discovery. Present at the briefing were the Vice President of ExxonMobil, Mr John Ardill; the Minister of Energy, Commerce and Industry of Cyprus, Mr George Papanastasiou; and ExxonMobil Cyprus Country Manager, Mr Varnavas Theodossiou.
Serica Energy plc has confirmed the completion of scheduled maintenance at the Triton Floating Production Storage and Offloading (FPSO) vessel, with the restart of production operations now underway.
The Triton FPSO is operated by South Korea's Dana Petroleum.
Repairs were finalised earlier, and production will begin shortly, ramping up as each field tied back to the FPSO resumes output according to the standard post-maintenance procedure.
A stable production rate is expected to be achieved in July, the company said.
Prior to the shutdown, the Triton FPSO was delivering 25,000 barrels of oil equivalent per day (boepd) net to Serica.
This figure could increase with the addition of two new wells brought online during the downtime.
These include the W7z well on the Guillemot North West field, in which Serica holds a 10% interest, and the EV02 well on the Evelyn field, which is fully owned by Serica.
Both wells were completed on schedule and under budget.
During the shutdown, extensive upgrades and repairs were carried out, including a major overhaul of the inert gas marine system, with more than 100 components replaced or refurbished.
Preparations were also made to accommodate future production from the Belinda field, expected in early 2026.
Additional work included safety-critical maintenance on the firewater system and the replacement of valves and piping throughout the FPSO.
These efforts are expected to significantly enhance the FPSO’s operational performance, with no further planned outages for the remainder of 2025.
Serica Energy is a British independent oil and gas company with a strong presence in the UK Continental Shelf (UKCS).
The company is responsible for around 5% of the UK’s natural gas production, contributing to the country’s energy transition.
Its production portfolio centres around two key hubs: the Bruce, Keith and Rhum fields in the UK Northern North Sea, and a group of operated and non-operated fields tied back to the Triton FPSO.
Serica also operates the Columbus and Orlando fields and holds a non-operated stake in the Erskine field.
A complex wellhead severance project was completed in the Southern North Sea by Mermaid Subsea Services following critical challenges relating to target well removal.
This was tackled with a dedicated precision subsea tooling and expert project execution to sever and recover the well conductor, with all environmental and regulatory standards considered.
Delivered on schedule and within budget, the Island Valiant-driven campaign turned out successful with close coordination across multiple vendors to ensure seamless and safe operation.
Scott Cormack, Regional Director for Mermaid Subsea Services (UK), said, “This successful wellhead severance marks a major achievement for Mermaid. By overcoming previous challenges, we’ve demonstrated our capability to deliver complex decommissioning scopes safely, efficiently, and in line with regulations.”
This success ads to Mermaid's other effective completion of a scale inhibitor treatment on the Teal P2 well, part of the Anasuria Cluster in the Central North Sea.
Also conducted from the Island Valiant vessel, this time on behalf of Anasuria Operating Company (AOC), the intervention aims to safeguard production flow and well integrity for at least three years.
Recent projects underscore Mermaid’s growing capability in complex subsea work and its strong collaboration with multiple partners.
In addition to plans to introduce Mermaid’s own dive vessel later in 2025, limited availability remains for the Island Valiant, which the company has chartered for a second year.
Decom Engineering has developed an ultra-light Chopsaw which has the ability to transform how contractors approach challenging subsea cutting operations.
The C1-16UL represents the most significant advancement in Decom’s Chopsaw range, specifically engineered to handle the demanding task of cutting flexible risers and mooring chains under tension.
A standout feature is the chopsaw’s weight characteristics – weighing approximately 270kg in air but only 30kg in sea water. The dramatic weight reduction offers unprecedented manoeuvrability with ROVs while maintaining robust cutting capabilities.
Commercial Director Nick McNally said, “We've fundamentally rewritten the chopsaw rulebook. Where traditional subsea cutting relied on heavier, rigid steel frames, we've created a tool that delivers superior performance while being light enough for smaller ROVs to deploy effectively. This eliminates the need for cranes and enables access to challenging locations previously considered inaccessible."
Following extensive testing and trails, the C1-16UL has been successfully deployed offshore on international projects, leading to Decom investing in three additional units which are currently engaged in cutting and flexible riser cutting operations.
McNally added, “Close collaboration with our clients has enabled us to deliver a tool that cuts large mooring chain in a matter of minutes, where previously these operations could take hours per cut using other methods. The efficiency gains and cost savings are transformational for our clients' subsea operations."
“The versatility of the C1-16UL allows for cuts to be made in any orientation, providing unprecedented flexibility in various operational scenarios. This adaptability, combined with its lightweight design, opens up entirely new possibilities for subsea intervention work.
“We identified significant knowledge gaps that couldn't be bridged by existing adaptations of conventional technology. The redesign of the cutting frame using subsea aluminium to reduce weight, the reconfiguration of hydraulic drive systems to enhance efficiency, and the integration of buoyancy control systems are hallmarks of Decom’s innovative approach to offering clients optimal cutting solutions.”
Well intervention services are gaining momentum across Europe’s offshore energy sector, with the UK North Sea seeing a series of strategic operations aimed at optimising production, maintaining well integrity, and progressing decommissioning plans.
As mature fields approach the end of their productive life, operators are increasingly turning to integrated technologies and service partnerships to extend asset value and support energy transition goals.
Halliburton has secured a five-year contract with Repsol Resources UK to support the full well lifecycle across its platform assets in the North Sea. The scope of work includes the delivery of subsurface technology, drilling and completion services, as well as digital solutions to enable efficient development and production. A key element of the agreement is the introduction of a rigless intervention framework, designed to enhance well construction, boost performance, and streamline plug and abandonment operations.
Timothy Horsfall, Vice President at Halliburton Europe, said the collaboration marks a strategic milestone, highlighting the shared commitment to safely and effectively maximising the potential of North Sea assets. This initiative reflects a broader trend of operators focusing on lifecycle efficiency while preparing for long-term decommissioning in compliance with UK regulatory targets.
Meanwhile, Odfjell Drilling Ltd has completed its scheduled Special Periodic Survey (SPS) for the Deepsea Aberdeen rig, concluding a multi-year SPS programme across its entire owned fleet. The sixth-generation semi-submersible has now returned to operations after three weeks of downtime, with work delivered on time and within budget. In addition to essential maintenance, Odfjell implemented major upgrades across the fleet, including the installation of a new blowout preventer on the Deepsea Atlantic and an increase in variable deck-load capacity on both Deepsea Atlantic and Deepsea Stavanger. These enhancements position the rigs for more efficient drilling, intervention, and decommissioning campaigns in challenging offshore environments.
CEO Kjetil Gjersdal acknowledged the extensive planning and coordination required, noting that with capital expenditure now significantly reduced and no major debt maturities until 2028, the company is well placed for future performance and returns. The Deepsea Aberdeen is currently drilling for Equinor at the Breidablikk field, under an extended contract that runs through 2026 with options into 2029.
Further demonstrating the importance of well intervention, Mermaid Subsea Services (UK) has completed a successful scale inhibitor treatment on the Teal P2 well in the Central North Sea. The project, undertaken for Anasuria Operating Company (AOC), was executed using the Island Valiant vessel and was aimed at preserving flow efficiency and well integrity for up to three years. The well is part of the Anasuria Cluster, a group of tied-back fields connected to a floating production storage and offloading unit. The intervention highlights Mermaid’s growing capabilities in subsea services and its ability to manage complex offshore operations in collaboration with multiple stakeholders. Scott Cormack, Regional Director for Mermaid, praised the outcome, calling it a reflection of the company’s commitment to operational excellence. AOC’s Wells Manager Tom Reeve added that the intervention not only protects long-term production but also strengthens the foundation for future work between the partners.
These developments collectively underscore how well intervention strategies, whether through lifecycle support, asset readiness, or targeted treatments, are shaping the future of offshore energy operations across the region.
Mermaid Subsea Services (UK) has completed a successful and safe well intervention on the Teal P2 well, located in the Central North Sea.
The operation, undertaken on behalf of Anasuria Operating Company (AOC), utilised the Island Valiant vessel and supports the continued performance of the Anasuria Cluster—comprising the Teal, Teal South, and Guillemot A fields, all tied back to the Anasuria FPSO approximately 190km east of Aberdeen in 89 metres of water.
The primary goal of the intervention was to carry out a scale inhibitor treatment on the Teal P2 well, situated around 4km from the FPSO. The scale squeeze was designed to preserve flow efficiency and well integrity for up to three years.
This operation marked a key milestone in Mermaid’s expanding subsea services portfolio, showcasing its ability to deliver complex offshore campaigns in collaboration with multiple stakeholders. It also reinforces Anasuria’s strategy for enhancing long-term production and contributing to the UK’s energy resilience.
Scott Cormack, Regional Director for Mermaid Subsea Services (UK), stated, “This successful and efficient well intervention on Teal P2 highlights our expanding capabilities and ability to deliver complex subsea operations, be they in decommissioning or asset lifetime extension.”
“To safely execute the project with a positive outcome on the primary objectives, while working with Anasuria Operating Company and multiple partners, reflects our commitment to operational excellence and supporting the UK’s long-term energy resilience.”
Tom Reeve, Wells Manager for AOC, added, “Mermaid, with AOC partners, have delivered a successful result on the Teal asset, helping to protect long-term production and build a relationship for future works.”
For the second year running, it will operate from the Island Valiant under a charter agreement, thanks to the vessel’s strong performance in North Sea conditions. Mermaid also announced the upcoming introduction of its own dive support vessel, which will enter the market later this year.
“Mermaid is proud to continue supporting the energy sector in the North Sea and we’re excited that a new operational season is well underway. Our expertise in well decommissioning and asset integrity plays a vital role in safe, compliant, and cost-effective operations, and we look forward to working with clients new and old.
“The Island Valiant has been a reliable workhorse for us, and we’re excited to return with an expert crew, toolkit and solutions that are changing the way the basin operates,” concluded Cormack.
Odfjell Drilling Ltd has announced the successful completion of the Special Periodic Survey (SPS) for the Deepsea Aberdeen, which has now resumed operations following three weeks of scheduled downtime.
The Deepsea Aberdeen is a sixth-generation, semi-submersible offshore drilling rig owned and operated by Odfjell, a Norwegian drilling contractor based in Bergen.
It is designed for harsh environment and ultra-deepwater operations, particularly in regions like the North Sea.
With the completion of the Deepsea AberdeenSPS, the company has completed SPS projects across its entire owned rig fleet: Deepsea Aberdeen, Deepsea Atlantic, Deepsea Stavanger, and Deepsea Nordkapp.
Odfjell said that these were all delivered on time and within budget. The average downtime across all four rigs was below initial estimates.
In addition to the core SPS work, Odfjell Drilling implemented significant upgrades.
A new blowout preventer (BOP) was installed on Deepsea Atlantic, and the variable deck-load capacity was increased on both Deepsea Atlantic and Deepsea Stavanger.
Several client-specific efficiency improvements and minor upgrade projects were also completed.
With the SPS programme now concluded, the company expects a reduction in capital expenditure.
Additionally, the completion eases distribution restrictions under the terms of its US$390mn senior secured first-lien bond.
The company’s next SPS is scheduled for the Deepsea Nordkapp in late 2028.
Kjetil Gjersdal, CEO of Odfjell Drilling AS, commented, “Since early 2022, we’ve been preparing for this critical SPS period. With all eight rigs scheduled between 2023 and 2025, careful planning and strong execution have been essential – and I would like to thank the project organisation and every one of our onshore and offshore personnel for their valuable contributions.
“Our rigs are now in prime condition and installed with the latest technologies providing solid foundations to deliver further value and excellent performance. With significantly reduced capex payments going forward and no debt maturities until 2028, we are well placed for further stakeholder returns.”
Recently, Odfjell’s rigs have been active in the North Sea. The Deepsea Aberdeen is drilling for Equinor at the Breidablikk field, with contracts extended to 2026 and potential options until 2029.
Repsol Resources UK has selected Halliburton for a five-year contract to support the complete well lifecycle across its platform assets in the UK North Sea
Under the agreement, Halliburton will deliver subsurface technology, drilling and completion services, along with digital solutions to support major new developments. The contract also includes the implementation of a rigless intervention framework, designed to help Repsol Resources UK enhance well construction, production, and intervention efforts—particularly in support of plug and abandonment (P&A) operations.
“This collaboration between Halliburton and Repsol Resources UK marks a strategic milestone. The efforts to maximize the remaining potential of the UK North Sea align with our focus to provide safe and reliable P&A operations,” said Timothy Horsfall, vice president, Halliburton Europe.
The partnership is intended to set a new industry benchmark for innovation and economic progress. Halliburton’s integrated services will play a key role in advancing Repsol Resources UK’s decommissioning activities across the region.
Baker Hughes has been selected by Equinor to deliver plug and abandonment (P&A) services in the Oseberg East field, located on Norway’s continental shelf.
The project will be led by Baker Hughes’ Mature Assets Solutions team, which will oversee both the planning and execution of the integrated P&A campaign across multiple wells in the North Sea.
Known for its expertise in mature asset management, Baker Hughes brings a robust track record of enhancing efficiency, shortening project timelines, and lowering overall costs through its integrated P&A services.
Under this new programme, the company will handle well abandonment and project management duties on behalf of Equinor.
This latest assignment follows a multi-year framework agreement signed in March 2025 between Baker Hughes and Equinor for integrated P&A services.
As part of the engagement, Baker Hughes will set up a P&A Center of Excellence in Bergen and Stavanger.
This specialised hub will centralise operations and bring together project managers and technical experts to ensure safe, cost-effective, and efficient well decommissioning.
The company will deploy advanced technologies from its P&A portfolio, including PRIME Powered Mechanical Applications, CICM (Casing Integrity & Cement Mapping), the MASTODON casing retrieval system, and the Xtreme SJI mechanical slotting tool.
Planning is already underway, with field execution expected to start in 2026.
“Our Mature Assets Solutions experts are well equipped to manage every phase of P&A and optimise operations to meet Equinor’s well abandonment goals,” said Amerino Gatti, executive vice president of Oilfield Services & Equipment at Baker Hughes. “As this project unfolds, we will collectively unlock new efficiencies that set new standards for well abandonment solutions, providing cost-effective solutions to Equinor through collaboration, technology, optimisation and integration.”
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