Saipem S.p.A. and Subsea7 S.A. have entered into a binding merger agreement, based on terms aligned with the Memorandum of Understanding signed on 23 February 2025, according to the company's release.
The transaction will create a new entity, Saipem7, with approximately €21 billion in annual revenue, EBITDA exceeding €2 billion, over €800 million in free cash flow, and a combined order backlog of €43 billion.
Upon completion, shareholders of Saipem and Subsea7 will each hold 50 % of Saipem7’s share capital.
Subsea7 shareholders will receive 6.688 new Saipem shares for every Subsea7 share and an extraordinary dividend of €450 million just before completion.
Saipem7 will be incorporated in Italy, headquartered in Milan, and listed on both the Milan and Oslo stock exchanges.
The combined entity will operate across four business units: Offshore Engineering & Construction (under a fully owned subsidiary named Subsea7, a Saipem7 Company), Onshore Engineering & Construction, Sustainable Infrastructures, and Offshore Drilling.
Major shareholders—Siem Industries, Eni S.p.A., and CDP Equity S.p.A.—have committed to vote in support of the merger. It is anticipated that Kristian Siem will become chairman and Alessandro Puliti chief executive of Saipem7, pending shareholder and board approval.
Annual cost and capital‑expenditure synergies of approximately €300 million are expected by the third year post‑completion. Completion remains contingent on regulatory and shareholder approvals and is currently expected in the second half of 2026.
Saipem S.p.A. is an Italian public limited company (Società per Azioni), headquartered in Milan. It provides engineering and construction services across offshore and onshore energy and infrastructure projects, equipped with an offshore fleet of 17 owned construction vessels and 13 drilling rigs. Saipem is listed on the Milan Stock Exchange and operates in over 50 countries.
Subsea7 S.A. is a Luxembourg‑incorporated and engaged in offshore engineering, construction, and project management for the energy sector. Headquartered in London, it operates a submarine construction fleet and is structured as a public limited company.