Global law firm Freshfields is advising Subsea7, the subsea engineering, construction and services company for offshore projects in the energy industry listed on Euronext Oslo, on its proposed combination with Saipem, the Italian engineering and construction company for the energy and infrastructure sectors (both offshore and onshore) listed on Euronext Milan.  The proposed combination is expected to create a global leader in energy services.

The combination of Saipem and Subsea7, to be created by way of an EU cross-border statutory merger, will be renamed Saipem7 and will be listed on both the Milan and Oslo stock exchanges.  Upon completion of the proposed combination, Saipem and Subsea7 shareholders will own 50% each of the combined company.

Completion of the proposed combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, approval by the shareholders’ meetings of both Saipem and Subsea7 and obtaining the required regulatory clearances. Completion is currently anticipated to occur in the second half of 2026.

The Freshfields team is being led by partners Ziyad Nassif and Luigi Verga and senior associate Vittoria Deregibus. Partner Alastair Chapman and principal associate Mathilde Beaumunier are advising on anti-trust matters. Advice on US securities matters is being provided by Michael Levitt and Jeremy Barr.