The one made by Saipem and Subsea7, which strengthens the foundations laid last February with the signing of the Memorandum of Understanding, is a strategic passage. The two companies have made official the integration agreement, which provides for the birth of a single global industrial platform in the field of energy services.
The agreement consolidates the industrial design started in recent months and opens the way to a development phase that aims to redefine the balance of the sector, thanks to the reach of the operation, the economic weight of the aggregation and the innovative potential of the new group.
Saipem7, the structure of the new group and the distribution of shareholders
The resulting company, which will take the name of Saipem7, will be born from the incorporation of Subsea7 in Saipem, following the provisions of Community law. The headquarters will remain in Italy, while the actions will be treated on two scholarships: Milan and Oslo.
The composition of the post-fusion action will be balanced: the current investors of the two companies will each clean up 50% of the capital, provided that the adhesion to the operation is total by subsea shareholders7. The main shareholders will be Siem Industries, with about 11.8%, Eni with 10.6%and CDP Equity with 6.4%.
Details of the operation and methods of participation
Those who own Subsea7 securities will receive 6,688 new shares of unified company for each detained action. In addition, before the finalization of the merger, there is an extraordinary dividend of 450 million euros, to be distributed to the current subsea shareholders7. To this is added an additional extraordinary dividend of 105 million euros, linked to the sale of activities considered non -strategic, for which Subsea7 would be in advance of divestment.
As reported by the Sole24ore, in the judgment of Equita, the new distribution slightly affects the economic balance of the operation, with a 2% reduction for the benefit of Subsea7 in the exchange ratio. The judgment of market operators on the agreement remains widely positive.
There is also a protection clause for investors contrary to the merger: in the event of a negative vote to the extraordinary assembly, they will be able to transfer their actions by receiving a fee in cash, determined according to a formula that will be made public.
The completion of the integration between the two industrial realities is currently expected in the second part of 2026.
Shared governance and managerial roles already defined
To ensure balanced leadership, the main parties involved, Eni, Cdp Equity and Siem Industries, have signed an agreement that regulates the appointments at the top. As per Intesa, the future CEO of Saipem7 will be indicated by Eni and Cdp Equity, while the presidency will be appointed Siem Industries.
Specifically, Kristian Siem is intended for the Presidency of the Board of Directors, while Alessandro Puliti will be at the group’s operational guide. The division dedicated to engineering and offshore constructions will be conducted by John Evans, with clean in the role of president of this controlled company, which will keep the name Subsea7.
