Milan, Italy, and Oslo, Norway – 8 February 2025: Saipem (Italy) and Subsea7 (Norway) have reached an agreement in principle to merge, forming a global leader in the energy services market under the new name Saipem7. The combined company will be headquartered in Milan, with completion of the merger anticipated in the second half of 2026.
The new entity will boast a combined backlog of €43 billion, annual revenues of approximately €20 billion, and an EBITDA exceeding €2 billion. The merger aims to enhance service offerings, improve efficiency, and reduce transaction costs, while expanding geographical reach to better navigate market fluctuations.
Strong Shareholder Support and Advisory Team
The merger has secured strong support from Siem Industries, Subsea7’s reference shareholder, as well as Eni and CDP Equity, Saipem’s primary stakeholders. Leading the financial advisory for Saipem is Goldman Sachs International, with Deutsche Bank AG, Milan Branch also providing financial guidance. Clifford Chance LLP is serving as Saipem’s global legal counsel.
Focus on the Caspian Region
The newly formed Saipem7 is set to capitalize on growth opportunities in the Caspian region, particularly in Azerbaijan and Kazakhstan. Saipem previously secured a $300 million contract with bp for underwater works in the Azeri-Chirag-Guneshli and Shah Deniz projects, and Subsea7 played a key role in the Central East Azeri project. The Kashagan offshore project in Kazakhstan also presents a promising avenue for expansion.
The merger marks a significant step toward creating a global powerhouse in the energy services sector, with an expanded portfolio and a reinforced commitment to excellence and innovation in the industry.
