The completion of the operation is expected in the second half of 2026
After signing a preliminary agreement last February for
their merger
(
on February 24,
2025), today Saipem and Subsea7 announced the
execution of a binding agreement to implement the operation that
— the parties emphasized — will create Saipem7, a
global leader in the energy services sector with revenues
of approximately €21 billion, an EBITDA of over two billion
euros, generating more than €800 million in free cash
flow and with an aggregated order backlog of €43 billion.
Upon completion of the operation, expected in the second half
of 2026, Saipem and Subsea7 shareholders will hold an equal
50% stake in Saipem7’s share capital. Subsea7
shareholders participating in the merger will receive 6,688 new
Saipem shares for each Subsea7 share held, while Subsea7
will distribute a special dividend of €450 million
to its shareholders immediately prior to the completion of the
merger. Siem Industries, Subsea7’s reference shareholder, and Eni
and CDP Equity, Saipem’s reference shareholders, have indicated their
commitment to vote in favor of the operation. Siem Industries
(currently Subsea7’s reference shareholder) will
hold approximately 11.8% of Saipem7’s share capital, while
Eni and CDP Equity (current reference shareholders of Saipem) will
hold approximately 10.6% and 6.4%, respectively.
Saipem7 will be created through a cross-border merger by
incorporation, under EU regulations, of Subsea7 into Saipem,
with the latter renamed Saipem7. Saipem7 will continue to
have its legal headquarters in Italy and its head office in Milan, and its
shares will be listed on both the Milan and Oslo stock exchanges. The agreement stipulates that the CEO of Saipem7
will be appointed by Eni and CDP Equity, while the chairman of the
board of directors of Saipem7 will be appointed by
Siem Industries. Currently, it is expected that, upon
completion of the merger, Kristian Siem will be appointed
chairman of the board and Alessandro Puliti will be appointed
CEO. Additionally, Alessandro Puliti and John Evans
will be appointed chairman and CEO, respectively, of the company managing the
Offshore Engineering & Construction business of Saipem7. This company,
which will be named Subsea7, will operate under the brand
“Subsea7, a Saipem7 Company,” and will include all
of Subsea7’s activities and Saipem’s Asset Based
Services activities (including Offshore Wind activities).
