Saipem and Subsea7 Merge to Form Saipem7 with $45 Billion Backlog

Saipem and Subsea7 have announced plans for a possible merger, creating a new entity named Saipem7. This combined company would have a backlog of over $45 billion, with shareholders from both companies owning 50% each. The revenue of Saipem7 is projected to be around $20.9 billion, with core earnings exceeding $2 billion. The new organization will have over 45,000 employees, including more than 9,000 engineers and project managers.

Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held, and an extraordinary dividend of $470 million will be distributed before the completion of the merger. The combined company will be listed on both the Milan and Oslo stock exchanges. Shareholders such as Siem Industries, Eni, and Cassa Depositi e Prestiti (CDP Equity) have expressed strong support for the transaction.

The Chairman of the combined company will be designated by Siem Industries, while the CEO will be designated by CDP Equity and Eni. It is anticipated that Saipem’s CEO, Alessandro Puliti, will become the CEO of Saipem7, and Subsea7’s CEO, John Evans, will lead the offshore business of the combined company. The merger agreement is expected to be finalized by mid-2025, with completion anticipated in the second half of 2026.

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