February 2025

Kirk Lovegrove & Company has acted as lead financial adviser to Subsea7 on its proposed €9.3 billion combination with Saipem. The proposed transaction is intended to create a global leader in energy services, with over 45,000 employees and world class capability in offshore & SURF engineering and construction. The combined company is expected to be owned 50-50 by the Saipem and Subsea7 shareholders. Subsea7 shareholders will receive 6.688 new Saipem shares for each Subsea7 share and a pre-completion dividend of €450 million will be paid to Subsea7 shareholders. The combined company’s shares will be listed on both the Milan and Oslo stock exchanges. A binding merger agreement is expected to be signed in mid-2025 with completion to follow in 2026. 

Niels Kirk, Co-founder and Executive Chairman of Kirk Lovegrove, said “we are delighted to support our client Subsea7 in this transformational transaction, creating a world class offshore engineering and construction company. This transaction demonstrates our firm’s depth in the energy sector as well as public M&A advisory. We are having a solid start to 2025.”

Jim Peterkin, who led the Kirk Lovegrove advisory team, said “this important mandate follows on from our role in advising Subsea7 on its acquisition offer for DOF Group in 2023. We see significant potential for further M&A and debt advisory work in the oilfield services sector in the near term.”