On September 18, the Italian government provisionally approved the proposed merger between Saipem and Subsea7, conditional upon safeguarding certain strategic operations within Italy.
Under the terms of Rome’s approval, Saipem must retain in Italy all functions deemed strategically important, prioritize domestic energy infrastructure, and continue developing its underwater drone initiatives.
The merger will still require formal ratification via shareholder votes in both companies, scheduled for this coming Thursday.
Despite the imposed conditions aimed at protecting Italy’s national interests, the government views the transaction as vital to Saipem’s future.
State influence is significant: the Italian government holds a 12.8 % stake in Saipem through the state-owned lender CDP, while oil major Eni already controls another 21.2 %.
If approved, the merged entity—tentatively named “Saipem7”—is projected to carry an order backlog of approximately €43 billion, annual revenue around €21 billion, and core earnings exceeding €2 billion. The companies anticipate closing the deal in the second half of 2026.
Representatives from Saipem, Subsea7, and the Italian government were not immediately available for comment.
