The new company will be renamed Saipem7 and will have revenues of approximately 21 billion euros
Milan – Saipem and Subsea7 have announced that they have signed a binding merger agreement following the signing of the Memorandum of Understanding on February 23, 2025: thus creating a giant in the energy sector. It will be called Saipem7 and will have revenues of approximately 21 billion euros, EBITDA of over 2 billion euros, and a combined order backlog of 43 billion euros. Saipem7 will continue to have its legal headquarters in Italy and its headquarter in Milan, and its shares will be listed on both the Milan and Oslo stock exchanges. The completion of the proposed combination is expected in the second half of 2026: Kristian Siem will be appointed chairman of Saipem7 while Alessandro Puliti will take on the role of CEO. Additionally, Puliti and John Evans will be appointed chairman and CEO, respectively, of the company that will manage Saipem7’s Offshore Engineering & Construction business, which will take the name Subsea7.
