News

354 days ago

SUBSEA 7 AND SAIPEM TO MERGE!

A preliminary agreement has been reached of the potential merger of both Subsea 7 and Saipem to establish a dominant force in the energy services sector, becoming a global industry leader.

The newly combined entity, to be called Saipem7, is projected to have a total order backlog of €43 billion, with an annual revenue of €20 billion.

Saipem 7 will be structured into four key divisions, offshore engineering & construction, onshore engineering & construction, sustainable infrastructures and offshore drilling. The workforce will exceed 45,000 employees with over 9,000 engineers and project managers.

Saipem and Subsea7's leadership teams strongly believe in the strategic rationale behind this merger, citing the increasing scale and complexity of client projects. The combined company's extensive global reach, diverse expertise, advanced technological capabilities, and expansive fleet will provide significant advantages to its clientele.

Following the merger, shareholders of both Saipem and Subsea7 will each hold a 50% stake in Saipem7. The companies anticipate achieving annual synergies of approximately €300 million by the third year post-merger, although one-time integration costs are estimated at €270 million.

An exciting opportunity on the horizon for both Subsea 7, and Saipem, the merger is anticipated to be finalised in the latter half of 2026, with Alessandro Puliti expected to assume the role of CEO of the newly formed company.

For further information, potential opportunities and insight into the content of this article, please contact a member of the team on hello@lsprenewables.com

Sources

Reuters

Saipem

ReNews

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