Saipem and Subsea7 have announced that they have signed a binding merger agreement finalizing what had been anticipated on 23rd February with the signing of a Memorandum of Understanding.
The merger between Saipem and Subsea7 will create a global leader in energy services, to be called Saipem7. The newco will have revenues of around €21 billion, an EBITDA of over €2 billion, generate over €800 million in Free Cash Flow and a combined orderbook worth €43 billion.
In order to ensure a balanced leadership and governance structure, the CEO of Saipem7 will be designated by Eni and CDP Equity, Saipem’s shareholders, while the Chairman of the Board of Directors of the new company will be chosen by Siem Industries, Subsea7’s shareholder.
Upon completion of the Proposed Combination (expected in the second half of 2026), Kristian Siem will be appointed Chairman of the Board of Directors of Saipem77 and Alessandro Puliti will be appointed Chief Executive Officer of Saipem78.
In addition, Alessandro Puliti and John Evans will be appointed Chairman and CEO of the company that will manage Saipem7’s Offshore Engineering & Construction business. This company, to be called Subsea7, will operate under the brand name ‘Subsea7, a Saipem7 Company.’ It will comprise all of Subsea7’s activities and Saipem’s Asset Based Services activities (including its Offshore Wind business).
Translation by Giles Foster
