€Multi-billion offshore firms complete merger

Shake on it: terminals need to get in on the alliance act. Credit: Flazingo Photos

Italian engineering giant Saipem and Luxembourg-domiciled offshore engineers and construction firm Subsea7 have officially merged to create ‘a global leader in energy services’.

The new ‘Saipem7’ will have revenue of about €21 billion and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of €2 billion, and will make a sizeable footprint in the offshore energy industry with the combination of strengths, including vessels.

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