European Commission Launches In-Depth Merger Review of Saipem and Subsea 7
The European Commission (EC) has initiated an in-depth investigation into the proposed merger between Italian energy services firm Saipem and Norwegian company Subsea 7. The deal, announced in July 2025, aims to create a combined entity named Saipem7 with projected annual revenue of nearly €21 billion ($24 billion). The EC is examining whether the transaction could harm competition within the European Economic Area (EEA), particularly in subsea umbilicals, risers and flowlines (SURF) services. The Commission has raised concerns that Saipem and Subsea 7 are two of the three largest players in SURF markets globally. It fears reduced competition may lead to higher prices and less innovation for both oil and gas production as well as carbon capture and storage projects. The probe will also assess potential anti-competitive effects on related sectors such as trunkline services, decommissioning activities, and vertical or conglomerate impacts. The EC has 90 working days from the June 16, 2026 notification to decide whether to approve or block the merger.
Topics: competition law energy sector mergers