Italy's Saipem and Norway's Subsea 7 have agreed to merge in an all-share deal to create a leading global player in offshore energy services. The combined group, to be renamed Saipem7, will have an order backlog of 43 billion euros, revenue of about 20 billion, and core earnings of more than 2 billion. The planned merger would combine complementary businesses across oil service segments and geographies, allowing clients to have one global oil service provider. The two partners aim to reach a binding merger agreement by mid-2025 with completion expected in the second half of 2026.