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.
