Saipem and Subsea7 announce the agreement on the terms of a possible merger

Saipem and Subsea7 announce that they have reached an agreement on the main terms of a possible merger of the two companies through the signing of a Memorandum of Undersanding. The group reports it in a note, explaining that “Proposed Combination would create a global leader in the Energy Services sector”.

The company resulting from the merger between Saipem and Subsea7, the so -called Combined Company, will be renamed Saipem7 and will have an aggregate order portfolio of 43 billion euros, revenues for around 20 billion euros and Ebitda of over 2 billion euros. It will have a global organization with over 45,000 people, including more than 9,000 engineers and project managers. It will also be able to count on a strong complementarity in terms of geographical presence, skills and skills, naval fleets and technologies, at the service of a global customer base.

Saipem and Subsea7 shareholders will cleanse the share capital of the Combined Company in equal extent (in 50-50 ratio. Subsea7 shareholders will receive 6,688 Saipem actions for every subsea7 action detained. Subsea7 will distribute an extraordinary dividend of 450 million euros immediately before the completion of the operation. The proposed combination is expected to generate a significant value for the shareholders of Saipem and Subsea7. Annual synergies of approximately 300 million euros from the third year following the completion of the merger are expected, with one-off costs connected to the obtaining of these synergies of approximately 270 million euros. The Combined Company will have listed shares on both Milan’s stock exchange and Oslo’s. Siem Industries, reference shareholder of Subsea7, Cdp Equity and Eni, Saipem’s reference shareholders, expressed “their strong support and indicated their commitment to vote in favor of the operation”. The improvement of the operation is expected in the second half of 2026.

Giorgetti: “Perfect enhancement of the public”

“The agreement for the merger of Saipem with the Norwegian Subsea 7 represents a perfect example of how the public can enhance imposing industrial operations. With this merger, in fact, a world giant of the energy engineering sector is built but based in Italy , in Milan “. This was stated by the Minister of Economy and Finance Giancarlo Giorgetti.

Eni-Cdp: with Subsea7 he will be born world leader sector

The cross -border merger operation of Subsea7 in Saipem “will lead to the creation of the global market leader in the Subsea and & C Offshore sector, improving its competitive profile thanks to operational synergies, without negative employment repercussions, and will strengthen its asset structure”. “With this operation we create a global leader of great industrial and technological value,” said the CEO of Eni, Claudio Descalzi.

“Together with Eni we worked in tune and successfully the improvement of a great industrial operation,” said Dario Scannapieco CEO of Cassa Depositi e Prestiti. “The union of the activities of Saipem and Subsea7 represents a significant strengthening of high -tech companies and affirmed in the reference markets and which from today, exploiting their complementarity, give life to a reality destined to become a world leader in the sector”.

Saipem and Subsea7 present a high geographical complementarity and level of customers: their combination can improve the offer of products and services and optimize the use of the fleet, reads the note. In this way, the company resulting from the merger will have a better ability to grasp the strategic and commercial opportunities deriving from the evolution of the Oil & Gas market and the changes related to the energy transition. Eni and Cdp Equity will thus see their participation in Saipem enhanced, bringing benefits also to their shareholders, and will work with Siem Industries and the companies participating in the merger to ensure successful completion of the operation in the terms announced.