Saipem and Subsea 7 have reached an agreement in principle on the key terms of a possible merger that they expect would create a “global leader in energy services”.
The two have signed a memorandum of understanding pledging to combine the companies under the name Saipem7.
The new company would have a combined backlog worth €43 billion, revenue of approximately €20 billion and Ebitda of more than €2 billion.
It would have more than 45,000 employees, including more than 9,000 engineers and project managers
Saipem and Subsea 7 added that shareholders CDP Equity, Eni and Siem Industries have entered into a separate memorandum of understanding, pledging to support the proposed merger.
They expect the merger to close in the second half of 2026.
The companies expect one-off “synergies” of approximately €270 million, and then annual “synergies” of approximately €300 million from the third year after completion.
Saipem and Subsea7’s respective management teams claim the companies are “highly complementary in terms of market offerings and geographies”.
Both companies have decades of experience in oil and gas, but have moved into offshore wind in recent years, targeting contracts to install turbines, foundations and cables.
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