Saipem adn Subsea7 Finalize Merger Agreement, Creating Offshore Energy Giant
Saipem and Subsea7 have officially sealed their merger agreement, a meaningful move set to reshape the offshore energy sector. The transaction will be executed as an EU cross-border statutory merger, with Saipem, incorporated in Italy, absorbing Subsea7.
The newly combined entity, to be named Saipem7, will establish it’s headquarters in Milan, Italy, and will be listed on both the Milan and oslo stock exchanges. This strategic integration aims to leverage the strengths of both companies in the evolving energy landscape.
Following the merger’s completion,Siem industries will hold an 11.8% stake in Saipem7. Eni and CDP Equity are also set to be significant shareholders, with stakes of 10.6% and 6.4%, respectively. Subsea7 shareholders will receive 6.688 new Saipem shares for each Subsea7 share they hold, resulting in an equal shareholding distribution between the current shareholders of both companies.
Saipem7 will be structured into four distinct business units.The Offshore Engineering & Construction segment will operate as an autonomous company under the brand ‘Subsea7, a Saipem7 Company’.This unit will integrate Subsea7’s existing businesses alongside Saipem’s Asset Based Services, including its offshore wind operations. The other business units will focus on Onshore Engineering & Construction, Lasting Infrastructures, and Drilling Offshore.
The merger is anticipated to conclude in the latter half of 2026, pending the satisfaction of customary conditions and the receipt of all necessary regulatory approvals. Goldman Sachs Bank Europe and Deutsche Bank are providing financial advisory services to Saipem,while kirk Lovegrove & Company and deloitte are fulfilling this role for Subsea7. Legal counsel for Saipem is being provided by Clifford Chance and Advokatfirmaet Thommessen,with Freshfields,Elvinger Hoss Prussen,and Advokatfirmaet Wiersholm advising Subsea7.
