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Italy's Saipem, Norway's Subsea 7 confirm merger to create energy services leader
Italy's Saipem, Norway's Subsea 7 confirm merger to create energy services leader
About this update from Saipem S.p.a.
Italy's Saipem MIL:SPM and its Norwegian rival Subsea7 OSL:SUBC announced on Thursday a merger to form a leading global player in offshore energy services.The merger terms align with those outlined in February's memorandum of understanding, the companies confirmed.The combined group, to be renamed Saipem7, will have an order backlog of 43 billion euros ($50.62 billion), revenue of about 21 billion euros and core earnings of more than 2 billion euros, the companies said in a statement.The deal is expected to be completed in the second half of 2026.($1 = 0.8494 euros)