Saipem to merge with Subsea7 in 50-50 deal Eni S.p.A. and CDP Equity S.p.A., controlling shareholders of Saipem, have announced their full support for the proposed cross-border merger of Subsea7 S.A. into Saipem. They have signed a memorandum of understanding with Siem Industries S.A., the largest shareholder of Subsea7.
The merger will be structured as a merger of equals with a 50-50 fixed exchange ratio. Saipem will remain headquartered and listed in Italy, with a concurrent listing in Norway.
Eni, CDP Equity, and Siem Industries, representing approximately 29% of the share capital (Siem 11.8%, Eni 10.6%, CDP Equity 6.4%), will form a core group of shareholders, appointing the majority of the board of directors.
The merger aims to create a global market leader in the Subsea and E&C Offshore sector, enhancing competitiveness through operational synergies and strengthening the capital structure.
Eni is an Italian multinational energy company with operations in oil and gas exploration, production, refining, and marketing.
CDP Equity is an investment company of the Cassa Depositi e Prestiti Group, focusing on strategic Italian companies.
Saipem is an Italian oil and gas industry contractor, providing engineering, procurement, construction, and installation services.
Subsea7 is a global leader in seabed-to-surface engineering, construction, and services to the offshore energy industry.