General – Merger
After unsuccessful talks about a possible merger in past years, Saipem is considering a combination with its Norwegian rival Subsea 7 in one of the possible biggest deals in the oil industry to create a larger European oil services provider and defend against a downturn in the industry.
The combined entity would be an oil service giant with more than $12.4 billion in combined revenues and would be placed as the fourth company in the oil service industry after Schlumberger, Halliburton and Baker Hughes.
However, no final decision has already been adopted and the outcome of shareholders’ meeting is still uncertain.
Representatives of Eni and CDP were not immediately available to comment.
