Saipem and Subsea7: Merger Agreement. A Giant Listed in Milan and Oslo Would Be Born

On February 23, 2025, Saipem and Subsea7 reached an agreement in principle on a possible merger through the signing of a memorandum of understanding. If the operation were to go through, Saipem7 would be created, a company with an aggregate order book of €43 billion, revenues of approximately €20 billion and an EBITDA (gross operating margin) of over €2 billion. It would be a 50-50 merger, with the two companies dividing the share capital equally. The resulting company would be listed in both Milan and Oslo . The closing of the operation is expected for the second half of 2026.

Listed on the Milan stock exchange, Saipem is an Italian multinational operating in the world of energy and infrastructure. Founded in 1957 by Enrico Mattei, it is one of the most important companies in our country. The major shareholders are Eni (of which it was created as a subsidiary and which owns 21.19% of the shares) and Cdp Equity (12.82%). Saipem has offices all over the world and has over 30,000 employees. Its fleet is particularly important, including both Fpso vessels , which deal with the production, storage and unloading of oil and gas, and others used for drilling and construction activities . The merger with Subsea7 would allow the Italian company, based in San Donato Milanese, to further expand its area of ​​activity. The resulting Saipem7 would in fact be a global leader in the energy services sector.

Listed in Oslo, but registered in Luxembourg and headquartered in the United Kingdom, Subsea7 is a group active in the energy sector, particularly in energy engineering . The largest shareholders are Siem Industries (23.9%) and the pension fund Folketrigtfonde (9.5%). Other funds also invest in the group, such as Elliot and Amundi. Subsea7 owns several other companies, including Seaway7, specialized in offshore wind projects, and with which Saipem has had a partnership since 2019.