Italian oil services company Saipem is reportedly close to merging with its Norwegian competitor Subsea 7, according to a report by Italian newspaper La Repubblica on Sunday, Reuters reports.
The merger would create a major player in the oil services industry, with a combined revenue of approximately €18 billion ($18.82 billion).
Saipem, which is partly owned by Italian energy giant Eni and state lender Cassa Depositi e Prestiti (CDP), previously held talks with Subsea 7 regarding a potential merger, but those discussions did not result in a deal.
According to La Repubblica, both Eni and CDP are set to hold extraordinary board meetings to approve the plan. However, neither company has officially commented on the report.
Company Responses
- Saipem declined to comment on the report.
- Subsea 7 has not yet responded to requests for comment.
- Eni and CDP have also not provided any statements regarding the reported merger.
