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.
Saipem has deployed an AI predictive maintenance system on Saipem 12000 and is advancing a similar project on Saipem 7000 targeting diesel generators to support offshore safety and efficiency.
Saipem won a $500 million Aramco award for Safaniyah expansion, covering EPCI of a 48-inch (122 centimetre) trunkline—65 km (65,000 m) offshore and 12 km (12,000 m) onshore—plus subsea facilities.
Saipem reports two West Africa offshore discoveries with Eni: gas and condensates at Côte d’Ivoire’s Calao South and an estimated 500 million barrels of oil in Angola’s Block 15/06.
Saipem will buy the Deep Value Driller drillship from DVD for $272.5 million cash, targeting delivery before the bareboat charter ends on 31 July 2026.
EnerMech has been awarded a subsea pre-commissioning package by Saipem on ExxonMobil’s $12.7 billion Whiptail oil project offshore Guyana, its fifth pre-commissioning campaign in the Stabroek block.
Saipem has won a $425 million EPCI contract for three subsea pipelines on Turkey’s Sakarya Phase 3 project, linking the Goktepe gas discovery to Black Sea facilities alongside its earlier $1.5 billion scope.
Deep Value Driller AS extended Saipem’s amended bareboat charter to 31 July 2026 and prolonged the $300 million purchase option to 16 February 2026, with a 365-day extension option to 2027.
