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.
Subsea7 won a sizeable Shell contract for the Kaikias Waterflood project in the Mars-Ursa Basin, including installation of an umbilical, riser and rigid flowline in up to 1,650 m water depth.
Subsea7 has extended its IMR frame contract with Equinor, keeping the 2013-built Seven Viking on subsea inspection, maintenance and repair work across the Norwegian Continental Shelf through year-end 2027.
Subsea7 has secured a decommissioning contract from Ithaca Energy for the Alba FSU and FPF-1 at the Greater Stella field, 230 km east of Aberdeen, with offshore work starting in Q2 2026.
Brazilian oil companies are urging the national antitrust authority CADE to investigate the proposed Saipem–Subsea7 merger, warning it could reduce competition in the offshore subsea services market.
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.
