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.

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Rome Gas Station Explosion Claims Life

Inspector succumbs to severe burns days after incident.

A devastating explosion at a Rome petrol station has claimed the life of **Claudio Ercoli**, a 67-year-old inspector. He died Wednesday at Sant’Eugenio hospital, succumbing to injuries sustained in the blast that occurred last Friday.

Tragic Outcome After Extensive Treatment

**Ercoli** suffered third-degree burns across 55% of his body. ASL Roma 2 reported that he underwent a complex skin graft procedure on Tuesday. Despite every effort by the medical team, his condition gradually worsened due to the severity of the burns.

A first responder, a member of the Carabinieri, rescued **Ercoli** from his burning vehicle. He was transported to the emergency room, where he was identified as the most critically injured victim.

Mayor Expresses Condolences

Roberto Gualtieri, the Mayor of Rome, shared his sorrow: “With deep pain I learned of **Claudio Ercoli’s** tragic disappearance… In this moment of sadness, the whole city joins the condolence for this loss. On behalf of Rome I wish to express our sincere closeness to his family, to his friends and those who loved him.”

Remembering a Helpful Friend

**Marco**, a childhood friend of **Ercoli**, fondly recalled their shared history in the Villa Gordiani district: “With **Claudio** we are grown together in the Villa Gordiani district… A good person, altruistic. If there was someone to help, he was always the first to run. I hoped until the last that would make it.”

**Marco** also spoke of **Ercoli’s** love for animals and his 40-year marriage to **Mariagrazia**. He described visiting **Ercoli** at the petrol station and his disbelief upon hearing the news.

Other Victims

Another patient remains in critical but stable condition with burns covering 25% of their body, according to ASL Rome 2. Police inspector **Marco Neri** and police officer **Francesco D’Onofrio**, who sustained serious burns, were scheduled to undergo reconstructive surgery at the Policlinic Umberto I.

Company Clarification

Initially misidentified as an Eni employee, the company clarified that **Ercoli** was not directly employed by them. Eni stated that the petrol station is operated by Ecogasauto srl, which uses the Eni brand, and that Ecogasauto manages the LPG on site.

Ongoing Fire Emergency

The incident occurs amid an ongoing fire emergency in the capital. Recent reports indicate that 90% of wildfires are started by humans (NIFC 2023).

Another fire broke out in Fiumicino, near Rome, adding to the challenges faced by emergency services.

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Saipem7 Merger: Energy Giant Forms New €21bn Entity

Explosion in Rome: Claudio Ercoli, the inspector who was injured after the outbreak of the distributor who died