After signing an agreement in principle last February for their fusion ( of 24 February 2025), today Saipem and Subsea7 announced the signing of a binding agreement to implement the transaction that - the parties underlined - will give life to Saipem7, a Global leader in the Energy Services sector that will have revenues of approximately 21 billion euros, an EBITDA of over two billion euros euros, will generate more than 800 million euros of free cash flow and will have an aggregate order book of 43 billion euro.

Upon completion of the transaction, expected in the second half of the year, of 2026, the shareholders of Saipem and Subsea7 will hold the 50% of Saipem's share capital7. The shareholders of Subsea7 participating in the merger will receive 6,688 new Saipem shares for each Subsea7 share held, while Subsea7 will distribute an extraordinary dividend of €450 million to its shareholders immediately prior to the completion of the fusion. Siem Industries, the main shareholder of Subsea7, and Eni and CDP Equity, Saipem's main shareholders, indicated the their commitment to vote in favour of the operation. Siem Industries (currently the main shareholder of Subsea7) will be owner of approximately 11.8% of the share capital of Saipem7, while Eni and CDP Equity (current reference shareholders of Saipem) will hold, respectively, about 10.6% and about 6.4%.

Saipem7 will be created by cross-border merger to incorporation, in accordance with EU legislation, of Subsea7 into Saipem, with the latter renamed Saipem7. Saipem7 will continue to have its registered office in Italy and its headquarters in Milan and its shares will be listed on both the Milan Stock Exchange and the Milan Stock Exchange Oslo. The agreement provides that the CEO of Saipem7 will be appointed by Eni and CDP Equity, while the Chairman of the Saipem7's board of directors will be appointed by Siem Industries. It is currently envisaged that, at the Completion of the merger, Kristian Siem will be appointed chairman of the Board of Directors and Alessandro Puliti will be appointed CEO. In addition, Alessandro Puliti and John Evans will be appointed respectively chairman and director delegate of the company that will manage the business Offshore Engineering & Construction by Saipem7. That company, which will be called Subsea7, will operate under the brand name "Subsea7, a Saipem7 Company", and will include all Subsea7's activities and Asset Based activities Saipem's Services (including Offshore Wind activities).