A game-changing merger. Saipem, the Italian engineering and construction firm, and Norway’s Subsea7 have reached an agreement to merge, forming Saipem 7—a global offshore engineering powerhouse.
- The new entity will boast a €43 billion order book, €20 billion in annual revenue, and €2 billion EBITDA.
- The merger will be structured as a cross-border incorporation of Subsea7 into Saipem, with the company’s headquarters based in Milan.
- Saipem 7’s shares will be listed on both the Milan and Oslo stock exchanges.
The shareholding structure. Saipem 7’s ownership will be split among its key stakeholders.
- Siem Industries (Subsea7’s reference shareholder) will hold 11.9% of the new company.
- Eni, the Italian energy giant and Saipem’s main shareholder, will own 10.6%.
- CDP Equity, an investment arm of Italy’s state lender Cassa Depositi e Prestiti (CDP), will retain 6.4%.
Leadership and governance. The top management of Saipem 7 will reflect its balanced ownership structure:
- Alessandro Puliti, current CEO of Saipem, will become CEO of the new entity, as designated by CDP Equity and Eni.
- John Evans, CEO of Subsea7, will manage the company’s offshore business unit.
- Siem Industries will appoint the company’s chairman.
A vote of confidence from Rome. The deal has received strong support from the Italian government, with Finance Minister Giancarlo Giorgetti describing it as a “perfect example” of how public investment can enhance major industrial operations.
- He emphasised that Italy will host the headquarters of a new global engineering leader, further reinforcing Milan’s strategic importance.
Financial outlook and market impact. The merger is expected to generate annual synergies of €300 million from the third year after completion, with one-off integration costs estimated at €270 million.
- Subsea7 shareholders will receive 6.688 Saipem 7 shares for each Subsea7 share they hold.
- A special dividend will be distributed before the deal’s finalisation.
- Completion is projected for the second half of 2026, pending regulatory approvals.
- Eni CEO Claudio Descalzi welcomed the agreement, calling it a step that creates a “global leader of significant industrial and technological value.”
What’s next? Shareholders have already signalled their approval and committed to voting in favour of the deal.
- The merger is set to reshape the offshore engineering industry, consolidating Italy’s role as a global hub for energy technology.
