Saipem and Subsea7 have announced a preliminary agreement for a potential merger, signing a memorandum of understanding (MOU). If finalized, the deal will create a global energy services giant, possibly named Saipem7.
The new company will have a combined backlog of €43 billion, revenue of approximately €20 billion, and an EBITDA of over €2 billion. Subsea7 shareholders will receive 6.688 Saipem shares for each share they hold, and both companies will split the capital of the merged entity equally.
The announcement took the offshore market by surprise, as there had been no rumors of the transaction. However, mergers and acquisitions have become increasingly common since 2024, with moves like the formation of Brava, Wilson Sons’ sale to MSC, Boskalis acquiring ALP, and DOF acquiring Maersk.
Is industry consolidation here to stay?
