Merging for Momentum: Saipem7 Targets Greener Waters

Saipem7 unites Saipem and Subsea7 to boost scale, efficiency, and cleaner offshore delivery

26 Sep 2025

Saipem and Subsea7 are advancing plans to merge and create Saipem7, a combined offshore contractor expected to play a central role in Europe’s shift toward cleaner energy. The two companies signed a binding merger agreement in July 2025, and Saipem’s shareholders approved the deal on September 25. Italy’s government has also cleared the transaction under its golden power rules, subject to conditions. Completion now depends on remaining regulatory approvals in several jurisdictions.

On a pro-forma basis, Saipem7 would hold an order backlog of about €43bn and generate roughly €20bn to €21bn in annual revenues, ranking it among the largest offshore engineering groups globally alongside TechnipFMC and Allseas. The companies project about €300mn in annual cost synergies within three years of closing, mainly through fleet optimisation, joint procurement, and streamlined processes.

Executives describe the merger as a step toward faster and lower-emission project execution. By combining engineering capabilities, digital planning tools, and specialist vessel fleets, Saipem7 plans to expand the use of remote operations, robotic inspections, and advanced scheduling software. The strategy is intended to cut vessel time, fuel use, and project delays, a growing focus as regulators and clients tighten environmental standards across the North Sea and other basins.

Industry analysts say the merged group will have greater flexibility to shift resources between offshore wind and conventional subsea projects, helping it adapt to changes in demand across energy markets. Such versatility could become more important as Europe balances the goals of energy security, affordability, and decarbonisation.

Outstanding antitrust reviews, including in Brazil, could influence the final integration plan, and some customers have raised concerns over reduced contractor choice in certain regions. Rival service providers are also expected to accelerate technology investments in response.

Even so, with greater scale, shared resources, and a focus on digital execution and lower-carbon operations, Saipem7 is positioned to set a new benchmark for offshore engineering once the merger is completed.