Key facts
- Saipem and Subsea7 have received clearance to complete their merger in the United States.
- The U.S. Hart-Scott-Rodino antitrust law waiting periods have expired for the transaction.
- The merger remains subject to regulatory approvals in other countries.
- The combined entity, to be named Saipem7, is expected to have revenue of approximately €21 billion.
- Shareholders of Saipem and Subsea7 will each own 50% of the resulting company.
Saipem announced on Friday that all required waiting periods under the U.S. Hart-Scott-Rodino antitrust law have expired for its planned merger with Norwegian peer Subsea7. This clearance allows the companies to proceed with completing the transaction within the United States, although certain regulatory approvals in other jurisdictions are still pending.
The binding merger agreement, signed on July 24, 2025, confirms terms previously outlined in a memorandum of understanding from February 23, 2025. The combination aims to create a global leader in energy services, with the resulting entity to be named Saipem7.
Saipem7 is projected to have revenues of approximately €21 billion, EBITDA exceeding €2 billion, and a combined backlog of €43 billion. Shareholders of both Saipem and Subsea7 will each hold a 50% stake in the new company. Subsea7 shareholders will receive 6.688 new Saipem shares for each Subsea7 share held, and Subsea7 will distribute an extraordinary dividend of €450 million prior to completion.
Annual synergies are estimated at €300 million. Saipem7 will remain incorporated in Italy with headquarters in Milan and will be listed on both the Milan and Oslo stock exchanges. Reference shareholders Siem Industries (Subsea7), Eni, and CDP Equity (Saipem) have committed to support the merger. Kristian Siem is slated to become Chairman of Saipem7's Board, and Alessandro Puliti is designated as CEO. The merger is anticipated to be completed in the second half of 2026.