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.
Subsea 7 reported higher Q3 earnings with improved margins, strong operational activity and a record $13.9bn backlog, reinforcing visibility for 2026 and 2027.
McDermott has completed its first subsea project in Angola, connecting five wells to the Pazflor FPSO for TotalEnergies’ Begonia development.
Saipem has secured three offshore engineering and installation contracts worth €600 million across Azerbaijan, the North Sea, and West Africa, reinforcing its global subsea presence.
Saipem has received authorization from ExxonMobil Guyana to execute the Hammerhead offshore project, marking its sixth major contract in the country’s Stabroek Block.
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.
Subsea7 has secured a major offshore contract from Saudi Aramco, involving pipelines and topside upgrades off Saudi Arabia, with offshore work scheduled for 2027–2028.
