Saipem7 has the approval of the market. The Italian-Norwegian wedding decided yesterday between Saipem and Subsea7 gives life to a 20 billion revenue Energy and 43 billion orders giant. And the market today replied: excess rise with a theoretical gain of over 10 percent to the Oslo stock exchange for the Norwegian company and 9.6% in Piazza Affari for the Italian.
The giant born from the agreement between Saipem and Subsea7 will be called Saipem7 and will be a giant of the energy services sector, based in Italy and listed both in Milan and in Oslo. The operation will not involve the launch of an opa on the floating of the two companies. The wedding could generate, according to Equita analysts, an increase in value for Saipem between 4% and 13% of its market capitalization. The new company will have an aggregate order portfolio of 43 billion euros, over 45 thousand employees, estimated revenues of around 20 billion euros and Ebitda of over 2 billion
The closing of the operation is scheduled for the second half of 2026, with a fixed concambium ratio that will see the structured merger in a joint way between the two groups. The current shareholders of Saipem and Subsea7 will in fact cleanse equivalent shares in the new entity. Eni and Cdp Equity, who today control 20% and 12% of Saipem respectively, will determine about 17% of the new company together. The remaining capital will be divided among other shareholders, including Siem Industries, who will play a central role in governance.
The agreement provides for a governance shared between the two souls of the group: the CEO will be Alessandro Puliti, current CEO of Saipem, while John Evans, CEO of Subsea7, will guide the Business Offshore Engineering & Construction. The president will be to a representative of Siem Industries.
The merger will bring benefits to shareholders through a new dividend policy: Saipem7 plans to distribute at least 40% of the net free cash flow in dividends, thus improving profitability for investors. Annual synergies equal to about 300 million from the third year following the merger are estimated, with one-off costs of approximately 270 million.
“A perfect example of how the public can enhance imposing industrial operations. With this merger, a world giant of the energy engineering sector is built but based in Italy, in Milan, “commented the Minister of Economy, Giancarlo Giorgetti. It is a strategic fusion also thanks to the high complementarity between the two Companies from a geographical point of view and customers. compete with the major global operators in the sector.
