Saipem and Subsea7 agree in principle on merger terms

Saipem and Subsea7 have reached an agreement in principle on the key terms of a possible merger of the two companies through the execution of a Memorandum of Understanding (MoU).

CDP Equity, Eni and Siem Industries have entered into a separate MoU, undertaking to support the proposed combination and agreeing on the terms of a Shareholders Agreement, to be effective from completion of the proposed combination. As part of this, the combined company’s Chairman will be designated by Siem Industries and the CEO will be designated by CDP Equity and Eni.

In addition, Alessandro Puliti will most likely be appointed as CEO of the combined company, while John Evans will be the CEO of the entity managing the offshore business comprised of Subsea7 and Saipem’s Offshore Engineering & Construction activities.