Subsea7 and Saipem Announce Merger Agreement, Creating Global Leader in Energy Services with €21B Revenue and €43B Backlog.

Saipem and Subsea7 have signed a merger agreement, creating a global energy services leader with a combined backlog of €43 billion, revenue of €21 billion, EBITDA over €2 billion, and free cash flow of over €800 million. The merged company, Saipem7, will have a balanced leadership and governance structure, with Eni and CDP Equity designating the CEO and Siem Industries designating the Chairman. Completion is expected in H2 2026.