Saipem to merge with Subsea 7 in a €5bn deal.

Saipem, an Italian oilfield services company, agreed to merge with Subsea 7, a subsea engineering, construction and services company, in a €5bn deal. The management of both Saipem and Subsea7 share the conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geographies. The combination would enhance value for shareholders, and all stakeholders, both in the current market and in the long term.