Italian engineering firm Saipem and offshore service provider Subsea 7 have signed a Memorandum of Understanding (MoU) for a potential $4.63 billion merger, aiming to create a new entity, Saipem7.
The merged company will consist of four business segments:
- Offshore Engineering & Construction: Operating under the Subsea7 brand and integrating Subsea 7’s operations with Saipem’s asset-based services.
- Onshore Engineering & Construction: Focused on risk reduction and profitability.
- Sustainability Infrastructure: Expanding global operations.
- Offshore Drilling: Designed to maximize cash flow.
Final merger terms will be presented in mid-2025, with completion expected in the second half of 2026. Both companies have substantial operations in Africa, including offshore projects in Angola, Ivory Coast, and Libya.
