Saipem, an Italian multinational oilfield services company, along with with Subsea 7, a Luxembourgish subsea engineering and construction company, signed a binding merger agreement based on the terms and conditions that have been previously communicated at the Memorandum of Understanding (MoU) that was signed in February 2025.

As a result of the merger, a global leader in energy services will be established under the name “Saipem 7”. This new company will have revenue of approximately €21 billion and will generate more than €800 million of free cash flow.

After completing the deal, each company’s shareholders will own 50% of the share capital of Saipem 7. The new company will continue to be registered in Italy with its main office located in Milan, and its shares will be traded on both the Milan and Oslo stock exchanges.

It is expected that after the merger, Kristian Siem will be appointed as Chairman of the Board of Directors of Saipem7 and Alessandro Puliti as CEO. In addition, Alessandro Puliti and John Evans will be appointed respectively as the Chairman and CEO of the company that will manage the offshore engineering and construction business of Saipem7.

The transaction will be pending the customary conditions needed for such deal and it is expected to be done in Q2 2026.