Saipem and Subsea7 have entered into a binding merger agreement, on terms and conditions in line with what previously communicated at the time of the signing of the Memorandum of Understanding on February 23, 2025. The merger of Saipem and Subsea7 will create a global leader in energy services.
The company resulting from the merger between Saipem and Subsea7 will be renamed Saipem7. On completion, Saipem and Subsea7 shareholders will own 50% each of the share capital of Saipem7. Saipem7 will remain incorporated in Italy and headquartered in Milan and will have its shares listed on both the Milan and Oslo stock exchanges. Completion of the Proposed Combination anticipated to occur in the second half of 2026.
It is currently envisaged that, upon completion of the Proposed Combination, Mr. Kristian Siem will be appointed as Chairman of the Board of Directors of Saipem7 and Mr. Alessandro Puliti will be appointed as CEO of Saipem7.
The management of both Saipem and Subsea7 confirm the compelling strategic rationale in creating a global leader in energy services, particularly considering the growing size of clients’ projects. The parties believe the Proposed Combination will enhance value for all shareholders and stakeholders, both in the current market and in the long term.
