Eni, CDP Equity, and Siem Industries today announced the historic merger between Saipem and Subsea7, a deal that will create a global leader in subsea and offshore engineering and construction (E&C). The agreement, structured as a “merger of equals”, unites two complementary entities with the goal of dominating a rapidly evolving market shaped by the energy transition and technological competition. The cross-border merger will see Subsea7 integrated into Saipem, which will retain its legal headquarters in Italy and primary listing on the Milan Stock Exchange (Piazza Affari), while also securing a new listing in Norway. The fixed 50-50 exchange ratio is backed by a governance pact ensuring balance among key shareholders: Eni (10.6%), CDP Equity (6.4%), and Siem Industries (11.8%) will jointly control 29% of the capital and appoint the majority of the board of directors. The agreement excludes mandatory takeover bid obligations and ensures shareholding stability. The merger combines the geographical and technological expertise of both groups: Saipem, strong in the Mediterranean, Africa, and the Middle East; Subsea7, a leader in Northern Europe and the Americas.
The union promises operational synergies (with no workforce impacts) through optimization of subsea fleets and integrated services spanning design to maintenance. The new entity will gain enhanced resources to compete in Oil & Gas markets and energy transition infrastructure, such as offshore wind and hydrogen. Claudio Descalzi, CEO of Eni, highlighted the industrial ambition: “Saipem has achieved operational excellence, positioning it to lead this transformation. We are creating a global player equipped to address energy challenges with cutting-edge technologies.”
Dario Scannapieco, head of CDP, emphasized strategic value: “This deal strengthens Italian industry. Two excellences unite to become a global benchmark, leveraging complementarity and innovation.” The agreement arrives at a critical juncture for the energy sector, amid decarbonization pressures and growing demand for offshore infrastructure. The merger could accelerate investments in low-carbon projects, positioning the new group as an ideal partner for governments and multinationals. Eni and CDP anticipate a revaluation of their stakes, while Siem Industries reinforces its role in Northern Europe.
Analysts forecast a bolstered financial capacity for the merged entity, with EBITDA projected to grow by 15-20% by 2026. Challenges remain, including integrating corporate cultures and managing contracts in geopolitically sensitive regions. Meanwhile, Milan solidifies its role as an energy hub, and Oslo gains a major new player on its stock exchange. The deal is expected to close by 2026, pending shareholder and antitrust approvals.
