Notification: Proposed acquisition of SUBSEA 7 S.A. (Subsea 7 Group) by SAIPEM S.P.A (Saipem Group)

Published On - April 16, 2026

Registry ERCA Ongoing Investigations

Purpose of the Notification of the Proposed Acquisition

The ECOWAS Regional Competition Authority (ERCA) has received a merger notification from Saipem S.p.A. (“Saipem Group”) concerning the proposed acquisition of Subsea 7 S.A. (“Subsea7 Group”).

The proposed transaction involves the absorption of Subsea7 and its subsidiaries into Saipem Group, resulting in a combined entity to be renamed Saipem7. This transaction is subject to notification to ERCA pursuant to Regulation C/REG.23/12/21.

Following completion of the transaction, Saipem S.p.A. and its affiliates will exercise direct control over the operations of the merged entity, which will operate as a global engineering and construction company providing services to the offshore energy sector.

The notification to ERCA, for the purpose of obtaining prior authorization, is made in accordance with Article 2(1)(a) of Regulation C/REG.23/12/21 on mergers and acquisitions within ECOWAS, as well as the Enabling Rules PC/REX.1/01/24 on notification thresholds and the determination of dominant and monopolistic positions. As the transaction involves entities operating in four (4) ECOWAS Member States, it falls within the jurisdiction of ERCA.

Parties to the Transaction

Acquiring Firm: Saipem Group

Saipem S.p.A. is a joint stock company (società per azioni) incorporated under the laws of the Italian Republic. It is a global engineering and construction company active in the provision of services across both offshore and onshore energy projects.

The Saipem Group competes globally for tenders relating to offshore and onshore energy projects, with a particular geographic focus on the Middle East and Africa. Its principal clients include national and international oil companies and energy firms, including those operating within the ECOWAS region.

Saipem’s activities include:

  • Subsea infrastructure systems, including umbilicals, risers, and flowlines (SURF), which connect subsea wells and production systems to surface facilities;
  • Fixed offshore platforms and associated subsea infrastructure (including topsides and processing equipment), typically outside harsh marine environments;
  • Provision of offshore drilling services through drilling rigs;
  • Onshore engineering, procurement, and construction (EPC) services for oil and gas facilities, pipelines, and related infrastructure.

The Saipem Group maintains an established presence in the ECOWAS market through its participation in tenders and service delivery across energy infrastructure projects.

Target Company: Subsea7 Group

Subsea 7 S.A. is a public limited company (société anonyme) and a global engineering and construction company specializing in offshore energy services. Its client base includes both international and national energy companies.

Subsea7 operates within the ECOWAS market, providing:

  • SURF infrastructure solutions connecting subsea wells to surface facilities;
  • Conventional offshore infrastructure, including fixed platforms and associated subsea systems.

Within the region, Subsea7 provides key services and products, including:

  • Conventional offshore services;
  • SURF services;
  • Engineering services;
  • Fabrication;
  • Free zone operations.

Nature of the Acquisition

The proposed acquisition concerns the full absorption of Subsea7, including its controlling interests in subsidiaries, into Saipem. Upon completion, all assets and liabilities of Subsea7 will be transferred to Saipem.

The transaction is expected to create a stronger global competitor in both onshore and offshore engineering services within the energy sector. The combined entity will be better positioned to meet client demand by offering an expanded range of integrated solutions—from drilling and engineering to construction, life-of-field services, and decommissioning—while ensuring technical excellence, safety, timely delivery, and effective risk management.

Expected Results of the Acquisition

The transaction will result in a merged entity in which the existing shareholders of both parties will hold equity interests.

According to the parties, it is expected to:

  • Combine the parties’ complementary geographic footprints;
  • Integrate their technical capabilities and asset portfolios;
  • Enhance service delivery within the ECOWAS region through strengthened operational capacity;
  • Foster innovation; and
  • Support the global energy transition more effectively.

Rights of third parties

Pursuant to Article 44 (2) (a) (iv) of the ECOWAS Regional Competition Authority’s Manual of Investigation and Notification Procedures, third parties are invited to submit their comments to ERCA within thirty (30) days of the publication of this communication.

Such comments shall be accompanied by any documentation capable of substantiating the facts and analyses and sent confidentially to the following address:

ECOWAS Regional Competition Authority

Bertil Harding, Bijilo, The Gambia

P.O Box 4470

Or electronically at the following email address: registry@erca-arcc.org.