Italian oil field services company Saipem announced that its shareholders have approved its previously announced merger with Norwegian subsea contractor Subsea7.
This merger was unanimously approved at an extraordinary shareholders’ meeting by shareholders, representing 62.15% of the voting share capital.
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The proposed merger is anticipated to be completed in the second half (H2) of 2026.
In July this year, Saipem and Subsea7 entered into a binding merger agreement, consistent with the memorandum of understanding signed earlier in February.
This merger is planned to occur through an EU cross-border statutory process, with Subsea7 absorbed into Saipem, which will be renamed Saipem7.
The new combined company will remain incorporated in Italy and headquartered in Milan, with its shares listed on both the Milan and Oslo stock exchanges.
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By GlobalDataSiem Industries, the major shareholder of Subsea7, will own around 11.8% of the combined company while Eni and CDP Equity, presently major shareholders of Saipem, will own 10.6% and 6.4%, respectively.
The combined group, Saipem7, is expected to have core earnings of more than €2bn ($2.4bn), an order backlog of €43bn, and revenue of about €21bn.
It will operate in four business areas: offshore engineering and construction, onshore engineering and construction, sustainable infrastructures, and drilling offshore.
The first listed of these businesses will operate as an autonomous company, branded as ‘Subsea7, a Saipem7 Company’.
Subsea7 will be incorporated in the UK with headquarters in London, and it will have a board of directors with seven members.
Recently, Bloomberg reported that ExxonMobil, Petrobras, and TechnipFMC have raised objections to the planned merger between Saipem and Subsea 7.
The companies urged Brazil’s antitrust regulator to block the transaction and formally requested participation in the watchdog’s review.
