Saipem and Subsea7 Merger Gains Brazil Approval, Saipem Sells Saudi Drilling Unit for $285 Million

M&A · PartnershipCorporate Action
โดย Zacks Investment Research·Read original
Summary · why it matters

Saipem has secured unconditional antitrust approval from Brazil's CADE for its proposed merger with Subsea7, while separately agreeing to sell its Saudi Arabian shallow-water drilling business to ADES Saudi Limited Company for $285 million. The merger, which will create a combined entity called Saipem7, faced objections from major oil companies over market concentration but was cleared without restrictions, though the decision may still be appealed. The asset sale includes a fleet of five jack-up rigs and is part of Saipem's strategy to focus on deepwater and harsh-environment drilling, with closing expected in the third quarter of 2026. A bareboat charter arrangement will allow Saipem to continue its Mexico operations using the Perro Negro 10 rig.

Impact on stocks 4

Energy Transition & Power Demand▲ · 2 stocks
Saipem SpA
0RPI
▲ PositiveCapitalrelevance

Secured $285 million from selling Saudi shallow-water drilling unit, strengthening balance sheet and focusing on deepwater.

Subsea 7 SA
0OGK
▲ PositiveRegulationrelevance

Brazil's CADE unconditionally approved the merger with Saipem, removing a key regulatory hurdle.

Energy▲ · 2 stocks

Off-coverage companies 1

ADES Saudi Limited CompanyPrivate▲ Positive
Capitalrelevance

Acquiring Saipem's Saudi shallow-water drilling business for $285 million, expanding its rig fleet.

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