Italy’s Saipem and Norway’s Subsea 7 have agreed to merge, creating a global offshore energy giant named Saipem7. The combined company will feature a €43 billion backlog, nearly €21 billion in annual revenues, and over €2 billion in EBITDA, supported by a fleet of more than 60 vessels and operations in over 60 countries.
This strategic merger positions Saipem7 as a market leader in subsea construction, offshore renewables, decommissioning, and carbon capture solutions. The transaction is expected to be completed in the second half of 2026, pending regulatory and shareholder approvals. The merger is projected to deliver €300 million in annual synergies within three years, achieved through procurement efficiencies, fleet optimization, and integrated operations.
Ownership of the combined company will be shared between major shareholders, including Eni, CDP Equity, and Siem Industries. Saipem7 will retain headquarters in both Milan and Oslo, emphasizing its European foundation and global reach.
