Business
Subsea7 and Saipem announce signing of the Merger Agreement
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW Transaction structure and terms confirmed in line with Memorandum of Understanding Creating a global leader in energy services Milan, Luxembourg, 24 July 2025 - Saipem and Subsea7 announce that they have entered into a binding merger agreement, on terms and conditions in line with what previously communicated at the time of the signing of the Memorandum
About this update from Subsea 7 S.a.
[{"type":"horizontalRule"},{"type":"text","content":"NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW","length":144,"tagName":"p"},{"type":"text","content":"Transaction structure and terms confirmed in line with Memorandum of Understanding ","length":82,"tagName":"p"},{"type":"text","content":"Creating a global leader in energy services","length":43,"tagName":"p"},{"type":"text","content":"Milan, Luxembourg, 24 July 2025 - Saipem and Subsea7 announce that they have entered into a binding merger agreement, on terms and conditions in line with what previously communicated at the time of the signing of the Memorandum of Understanding on 23 February 2025. The merger of Saipem and Subsea7 will create a global leader in energy services.","length":347,"tagName":"p"},{"type":"text","content":"Highlights","length":10,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"The company resulting from the merger1 between Saipem and Subsea7 (the “Proposed Combination”) will be renamed Saipem7 (“Saipem7”), will have revenue of approx. €21 billion2, EBITDA in excess of €2 billion3, will generate more than €800 million of Free Cash Flow4 and will have a combined backlog of €43 billion5","length":312,"tagName":"p"}]},{"val":[{"type":"text","content":"The highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies will benefit Saipem7’s global portfolio of clients","length":162,"tagName":"p"}]},{"val":[{"type":"text","content":"The diversification of the geographical footprint of Saipem and Subsea7 is reflected in the combined backlog, with no single country contributing more than 15% of total6","length":169,"tagName":"p"}]},{"val":[{"type":"text","content":"On completion, Saipem and Subsea7 shareholders will own 50% each of the share capital of Saipem7","length":96,"tagName":"p"}]},{"val":[{"type":"text","content":"Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held","length":127,"tagName":"p"}]},{"val":[{"type":"text","content":"Subsea7 will distribute an extraordinary dividend to its shareholders for an amount equal to €450 million immediately prior to completion of the Proposed Combination","length":165,"tagName":"p"}]},{"val":[{"type":...