The Saipem–Subsea7 merger remains targeted for completion in the second half of 2026, but the European Commission has suspended the timetable for its antitrust review under a “stop the clock” procedure.
The suspension took effect on 25 August 2026 and has no fixed duration. The review period will resume after the Commission receives the additional information it requires. The transaction has so far received approval from 10 of the 16 antitrust authorities asked to assess the merger.
The regulatory process began with a formal EU notification on 16 June 2026. The Commission opened a Phase II investigation on 22 July and initially set 26 November as the decision deadline. A 14-working-day extension requested by Saipem and Subsea7 on 29 July subsequently moved that deadline to 16 December.
Until the transaction is completed and the required approvals are in place, Saipem and Subsea7 must continue to operate independently. Integration of their fleets, commercial structures and organisations cannot begin before the merger closes.
The timing of the transaction also affects measures linked to the integration. The companies expect €300 million in annual synergies by the third year, while a €450 million special dividend is planned for Subsea7 shareholders immediately before closing. Any change in the completion date would also shift the timing of these steps.
The European Commission launched its in-depth investigation because it considers Saipem and Subsea7 to be two of the three largest global providers of SURF services. These services include the installation of pipelines and infrastructure linking subsea fields with production facilities.
Brazilian antitrust authority Cade has already cleared the merger without conditions following a review lasting 10 months.
Other offshore transactions have also recently been completed. Tidewater closed its approximately $500 million acquisition of the offshore activities of Wilson Sons Ultratug and Atlantic Maritime Services on 31 August 2026, adding 22 vessels to its fleet and increasing its presence in Brazil.
Hornbeck Offshore Services, formed through the merger of Hornbeck and Helix Energy Solutions, has also started trading on the New York Stock Exchange under the ticker HOS.
