Shareholders in Italy's Saipem approved on Thursday a planned merger with Norwegian rival Subsea7, paving the way to the creation of a leading global player in offshore energy services.
All the investors attending the meeting, who accounted for 62.15 per cent of the share capital with voting rights, backed the tie-up that was announced earlier this year.
The combined group, to be renamed Saipem7, will have an order backlog of €43 billion, revenue of about €21 billion, and core earnings of more than €2 billion ($2.4 billion), the two companies said earlier this year.
On Tuesday, the Italian Government gave a conditional green light to the merger subject to Saipem keeping in Italy all those activities that are considered strategic, giving priority to Italian energy infrastructure and continuing its underwater drone project.
The deal is expected to be completed in the second half of 2026, the companies said.
(Reporting by Francesca Landini, editing by Giselda Vagnoni)