After years of exploration, Saipem and Subsea 7 have finalized a merger agreement to create a new energy services leader, Saipem 7. The merger will generate a combined backlog of €43 billion (US$45 billion), annual revenue of €20 billion, and EBITDA in excess of €2 billion.
Both companies, leaders in offshore oil, gas, and renewables, are now joining forces to strengthen their market positions. Subsea7’s expertise in offshore wind and Saipem’s strong offshore capabilities will complement each other, benefiting clients across the oil, gas, carbon capture, and renewable sectors.
The new entity will operate under four divisions: Offshore Engineering and Construction, Onshore Engineering and Construction, Sustainable Infrastructure, and Offshore Drilling. Subsea 7’s business will form the backbone of the offshore engineering division, led by CEO John Evans. The merger, supported by major shareholders, is set to complete by the second half of 2026, positioning the combined company for global leadership in energy services.
