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Subsea 7 and Italy's Saipem considering a merger

The two offshore oil service companies Subsea 7 and Saipem are weighing a merger that would create a major European player in the segment.

Photo: PR/Subsea 7

Italy's Saipem SpA is considering a combination with rival Subsea 7 SA to create a larger European oil services provider, people with knowledge of the matter said.

The Italian company is pursuing a potential deal with Norway-listed Subsea 7 as it seeks to bulk up and weather an industry downturn, according to the people, who asked not to be identified because the information is private. Subsea 7 rose as much as 8.4 percent  in Oslo trading, the biggest intraday gain in more than two years, and has a market value of about USD 3.3 billion. Saipem gained as much as 5.3 percent.

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