Finance
Saipem's investors approve merger with Norwegian oil contractor Subsea7
Published by Global Banking and Finance Review
Posted on September 25, 2025
1 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 25, 2025
1 min readLast updated: January 21, 2026
Saipem's shareholders have approved a merger with Subsea7, forming a major player in offshore energy services, named Saipem7, with a significant order backlog.
MILAN (Reuters) -Shareholders in Italy's Saipem approved on Thursday a planned merger with Norwegian rival Subsea7, paving the way to the creation of a leading global player in offshore energy services.
All the investors attending the meeting, who accounted for 62.15% of the share capital with voting rights, backed the tie-up that was announced earlier this year.
The combined group, to be renamed Saipem7, will have an order backlog of 43 billion euros, revenue of about 21 billion euros, and core earnings of more than 2 billion euros ($2.4 billion), the two companies said earlier this year.
($1 = 0.8514 euros)
(Reporting by Francesca Landini, editing by Giselda Vagnoni)
Saipem's shareholders approved a planned merger with Norwegian rival Subsea7.
The combined group will be renamed Saipem7.
The new company is projected to have revenue of about 21 billion euros.
The combined group will have an order backlog of 43 billion euros.
Investors accounting for 62.15% of the share capital with voting rights backed the merger.
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