Saipem and Subsea7 have entered into a binding agreement to merge, following the Memorandum of Understanding signed in February 2025. The new company, Saipem7, will be headquartered in Milan, listed on both the Milan and Oslo stock exchanges, and is expected to close the deal in the second half of 2026.

The merger will create a €21 billion revenue energy services giant, with EBITDA above €2 billion, over €800 million in free cash flow, and a combined order backlog of €43 billion. Saipem7 will operate in more than 60 countries, with a diversified fleet of 60+ vessels and a workforce of 44,000.

Ownership will be split equally between Saipem and Subsea7 shareholders. Subsea7 shareholders will receive 6.688 new Saipem shares for each Subsea7 share, plus an extraordinary €450 million dividend before completion. Annual synergies of approximately €300 million are expected by the third year, driven by fleet optimisation, procurement efficiencies, and operational streamlining.

Saipem7 will be organised into four business units: Offshore Engineering & Construction (operating under the Subsea7brand), Onshore Engineering & Construction, Sustainable Infrastructures, and Offshore Drilling. Leadership will be shared — Kristian Siem is expected to become Chairman, with Alessandro Puliti as CEO.

The merger is fully supported by major shareholders Eni, CDP Equity, and Siem Industries, and awaits shareholder approval at both companies’ extraordinary general meetings on 25 September 2025, alongside regulatory clearances.

With expanded capabilities across oil, gas, renewables, and carbon capture, Saipem7 aims to deliver integrated offshore and onshore solutions for increasingly complex global energy projects.