Saipem and Subsea7 have reached an agreement in principle on the key terms of a potential merger. The merged company will have a global workforce of over 45,000 people, including more than 9,000 engineers and project managers.
The combined entity, to be named Saipem7, will have a backlog of €43 billion, revenue of approximately €20 billion, and EBITDA exceeding €2 billion. Its geographical presence, expertise, vessel fleets, and technologies will complement each other, enhancing services for a global client base. Saipem and Subsea7 shareholders will each own 50% of the new entity. As part of the transaction, Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held, and Subsea7 will distribute an extraordinary dividend of €450 million before the merger is completed.
The merger is expected to generate annual synergies of approximately €300 million by the third year after completion, with one-off integration costs estimated at €270 million. The combined company will be listed on both the Milan and Oslo stock exchanges. Key shareholders, including Siem Industries (Subsea7), Eni, and CDP Equity (Saipem), have expressed strong support for the merger and intend to vote in favour of the transaction. The completion of the merger is anticipated in the second half of 2026.
