The company’s shareholders will be Luxembourg’s Siem (11.8%), Milan-listed Eni (10.6%) and CDP Equity (6.4%)
Milan-listed Saipem, a provider of offshore projects and services for the energy industry, signed a binding agreement for an international merger and the incorporation of Oslo-listed competitor Subsea7 that will rebrand as Saipem7 under EU law (press release). The deal terms and structure are in line with those that the firms outlined in the memorandum of understanding that signed a in February 2025 (see here a previous post by BeBeez).
After such a transaction, Saipem7 will also belong to Milan-listed ENI (10.6%), CDP Equity (6.4%) (Saipem’s main shareholders) and Luxembourg’s Siem Industries sa (11.8%). All the shareholders signed for fully supporting the Proposed Combination.
Eni and CDP Equity proposed Alessandro Puliti as ceo of Saipem7 while Siem Industries suggested Kristian Siem as chairman of the board.
Puliti and John Evans will act as chairman and ceo of Subsea7 which will handle Saipem7 Offshore Engineering & Construction activities and include Saipem’s Asset Based Services and Offshore Wind unit.
Saipem7 headquarter will be in Milan and listed on the Italian and Norway’s exchanges. The company expects to generate an above 21 billion euros turnover, ebitda of more than 2 billion, 800 million of free cash flow, and an orders book of 43 billion. Annual run-rate sinergies could be of 300 million and create relevant value for Saipem7. The merged entity’s equity will evenly belong to the shareholders of Subsea7 and Saipem (50%-50%). Subsea7 investors that will tender to the deal will get 6,688 new shares of Saipem for each stock of the Siem Industries’ subsidiary that they own.
Immediately prior to the completion of the proposed combination, Subsea7 shareholders will get an extraordinary cash dividend of 450 million.
Those who vote against the approval of the transaction at the Extraordinary General Meeting of Subsea7 will have the right to sell their shares in exchange for an appropriate cash consideration, under the conditions of Luxembourg corporate law.
