Europe’s Offshore Giants Unite in Saipem7 Deal

Saipem and Subsea7 merge to form €21B Saipem7, set to dominate Europe’s offshore sector by 2026

14 Oct 2025

A seismic shift is rolling through Europe’s offshore energy sector. Saipem and Subsea7 have struck a landmark agreement to merge, creating a new marine engineering powerhouse called Saipem7. Announced in July 2025, the deal is slated to close in the second half of 2026, pending regulatory and shareholder approval.

The combined company would boast around €21 billion in annual revenue, a project backlog of €43 billion, and a fleet of more than 60 construction vessels. If cleared, Saipem7 would unite two of Europe’s most skilled offshore operators, well positioned to meet soaring demand for wind installations, subsea power grids, and infrastructure critical to the continent’s clean-energy transition.

“The proposed combination brings the scale, technology, and versatility needed to deliver end-to-end solutions in the most challenging marine environments,” said Marco Conti of Energy Offshore Insights. “It reflects a broader trend toward consolidation as clients seek partners with greater capability and resilience.”

At the heart of Saipem7’s strategy lies Seaway7, Subsea7’s renewables arm, known for installing undersea power cables and wind farm foundations. Its expertise will merge with Saipem’s engineering strength and project management reach, creating a formidable player in Europe’s offshore renewables and interconnector markets.

The partners expect to generate roughly €300 million in annual cost savings within three years, driven by shared resources, streamlined operations, and optimized fleet use. But challenges remain. Rivals like Boskalis and DEME Offshore are likely to push back, while regulators, including antitrust authorities in Europe and Brazil, scrutinize the merger’s market impact.

Still, both firms appear confident. If successful, Saipem7 could mark a defining moment for Europe’s offshore industry, one that tilts the balance toward greater scale, collaboration, and innovation beneath the continent’s waves.