Saipem and Subsea7 Merge to Form Saipem7: A €43 Billion Energy Services Giant

Saipem and Subsea7 have announced a merger, creating a new global energy services company, Saipem7. With a combined backlog of €43 billion ($45.16 billion) and equal ownership between shareholders of both companies, this merger represents a major consolidation in the offshore and onshore engineering sector.

The newly formed Saipem7 will operate across offshore engineering and construction, onshore engineering and construction, sustainable infrastructures, and offshore drilling. With a workforce of over 45,000 employees, including 9,000 engineers and project managers, the company aims to enhance its capacity to take on large-scale energy projects worldwide.

Major shareholders, including Siem Industries from Subsea7 and Eni and CDP Equity from Saipem, have expressed strong support for the merger, which is expected to be finalized in the second half of 2026. However, questions remain regarding the impact on Saudi Aramco’s Long-Term Agreement framework, where both companies have been competitors.

This merger marks a significant shift in the energy services industry as companies strengthen their capabilities to execute larger and more complex projects. With growing demand for offshore and sustainable infrastructure solutions, Saipem7 is set to play a key role in shaping the future of global energy services. The industry will be watching closely to see how this new entity navigates the evolving market landscape.