(Reuters) -Italy's Saipem and its Norwegian rival Subsea7 announced on Thursday a merger to form a leading global player in offshore energy services. The merger terms align with those outlined in
Saipem and Subsea7 Announce Merger to Form Offshore Energy Giant
Overview of the Saipem and Subsea7 Merger
(Reuters) -Italy's Saipem and its Norwegian rival Subsea7 announced on Thursday a merger to form a leading global player in offshore energy services.
Merger Details and Financials
The merger terms align with those outlined in February's memorandum of understanding, the companies confirmed.
Expected Completion Timeline
The combined group, to be renamed Saipem7, will have an order backlog of 43 billion euros ($50.62 billion), revenue of about 21 billion euros and core earnings of more than 2 billion euros, the companies said in a statement.
The deal is expected to be completed in the second half of 2026.
($1 = 0.8494 euros)
(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Alan Barona)
