Brazil’s antitrust regulator approved the Saipem-Subsea 7 merger without remedies, while Saipem sold its Saudi rig business in a $285M transaction.
Brazil’s CADE antitrust agency approved the merger between Saipem and Subsea 7 without restrictions late Tuesday. The decision follows criticism from major oil companies concerned about reduced competition in offshore energy services.
The merger combines two leading offshore engineering and installation contractors, Saipem (SAPMF, SAPMY) and Subsea 7 (SUBCY, ACGYF). No prior regulatory hurdles or financial terms were disclosed in the approval. Separately, Saipem completed the sale of its Saudi rig business for $285M.
The deal reflects Saipem’s strategic shift toward higher-margin offshore projects while divesting non-core assets.