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Oil, Saipem is evaluating unity with its Norwegian rival, Subsea 7



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According to Bloomberg agents, citing several sources, according to which Subsea 7 has a market capitalization of 3.2 billion dollars

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(Reuters)

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Saipem is considering a merger with rival Subsea 7 to create an oil services giant in Europe. This was reported by a Bloomberg agent, citing several sources, according to which Subsea 7 has a market capitalization of 3.2 billion dollars.
Saipem, whose majority shareholder is Eni, has a value of around 4.8 billion dollars.
No final decision was made and there is no certainty that the transaction will be closed, pointed out Bloomberg.
The company has talked about mergers in previous years
they failed to reach an agreement.

On November 14, Saipem was awarded new contract from Esso Exploration and Production Guyana Limited, a subsidiary of ExxonMobil, for the Payara development project located in the Stabroek block off the coast of Guyana. Execution of new projects is subject to local government authorization, with investment approval by clients and partners.
The oil services group led by Stefano Cao also won some further work on offshore E&C contracts currently underway in Saudi Arabia, Azerbaijan and the North Sea. The total value of these contracts, together with those in Guyana, amounts to around 880 million dollars.


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