The proposed Subsea 7-Saipem merger will be “very, very good” for the energy market, Subsea 7 chief executive John Evans promises.
On Sunday, the Kristian Siem-backed, Oslo-listed offshore vessel owner and the Italian oil engineering outfit announced a merger in which Saipem will issue Subsea 7 shareholders €4.7bn ($4.9bn) in new shares in the combined Saipem 7.
The new company, with planned listings in Oslo and Milan, will be split 50/50 between current Saipem and Subsea 7 shareholders.
