MILAN AND LUXEMBOURG, July 24, 2025 – Offshore energy services rivals Saipem and Subsea7 have signed a binding merger agreement to combine into a new company named Saipem7, the companies announced on Thursday.
Based on end-2024 financial results, the merged company will have approximately EUR 21 billion in revenues and more than EUR 2 billion in EBITDA, and will command a backlog of around EUR 43 billion as of the end of Q1 2025. Annual free cash flow is expected to exceed EUR 800 million.
The merger will be carried out through the absorption of Subsea7 into Saipem. The combined company will remain incorporated in Italy and headquartered in Milan, with its shares listed in Milan and Oslo. The merger is anticipated to close in the second half of 2026.
In line with the MoU signed in February 2025, Saipem7 will be structured under four business lines: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Drilling Offshore.
Upon completion of the deal, ownership of Saipem7 will be shared 50-50 between Saipem and Subsea7 shareholders. Subsea7’s largest shareholder, Siem Industries, will own approximately 11.8% of the share capital, while Saipem’s reference shareholders, Eni and CDP Equity, will respectively own approximately 10.6% and 6.4%. The three reference shareholders have all committed to voting in favour of the merger
Subject to final shareholder approval, Saipem7 will be led by Kristian Siem as chairman and Alessandro Puliti as CEO. The Offshore Engineering & Construction business will be headed up by John Evans as CEO.
Saipem7 will have operations in more than 60 countries, 44,000 employees and a fleet of more than 60 construction vessels. According to company calculations, the merger will generate synergies of around EUR 300 million annually from the third year after completion.
Photo of Scarabeo 8 semi-submersible rig courtesy of Saipem
