Finance
Italy's Saipem, Norway's Subsea 7 confirm merger to create energy services leader
Published by Global Banking & Finance Review®
Posted on July 23, 2025
1 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on July 23, 2025
1 min readLast updated: January 22, 2026
Saipem and Subsea7 merge to form Saipem7, a leader in offshore energy services, with a €43 billion order backlog and €21 billion revenue.
(Reuters) -Italy's Saipem and its Norwegian rival Subsea7 announced on Thursday a merger to form a leading global player in offshore energy services.
The merger terms align with those outlined in February's memorandum of understanding, the companies confirmed.
The combined group, to be renamed Saipem7, will have an order backlog of 43 billion euros ($50.62 billion), revenue of about 21 billion euros and core earnings of more than 2 billion euros, the companies said in a statement.
The deal is expected to be completed in the second half of 2026.
($1 = 0.8494 euros)
(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Alan Barona)
Italy's Saipem and Norway's Subsea7 are merging to form a new entity.
The combined group will be renamed Saipem7.
The new company is expected to have revenue of about 21 billion euros.
The deal is expected to be completed in the second half of 2026.
The combined group will have an order backlog of 43 billion euros.
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