Saipem, Subsea 7 confirm merger to create energy services leader

Italy's Saipem and its Norwegian rival Subsea7 announced on Thursday a merger to form a leading global player in offshore energy services.

The merger terms align with those outlined in February's memorandum of understanding, the companies confirmed.

The combined group, to be renamed Saipem7, will have an order backlog of 43 billion euros ($51 billion), revenue of about 21 billion euros and core earnings of more than two billion euros, the companies said in a statement.

The deal is expected to be completed in the second half of 2026.

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Alan Barona)