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Italian Government Grants Conditional Approval to Saipem–Subsea7 Merger

The Italian government has conditionally approved the proposed merger between Saipem and Subsea7, a move expected to reshape the offshore engineering and subsea services market.

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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.

Editorial Note:
This article was prepared with the assistance of AI tools to enhance clarity and efficiency.
All information has been reviewed and verified by the HMT News editor.
Subsea7 won a large variation order from TP-OTC for Sakarya Phase 3 in the Black Sea, linking the Goktepe field to the floating production unit with new subsea EPCI work.
Subsea7 CEO John Evans exits on 30 June after 40 years with the group; Seaway7 head Stuart Fitzgerald steps in on 1 July and is also proposed for the Saipem7 set-up if the deal completes.
Subsea7 lifted Q4 2025 adjusted EBITDA to $477 million and proposed a Nkr13 dividend while maintaining 2026 guidance. The Saipem merger still targets completion in H2 2026 pending approvals.

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