A PYMNTS Company

EU Suspension Clouds Timeline for Saipem-Subsea7 Merger

By  |  September 7, 2026
EU Suspension Clouds Timeline for Saipem-Subsea7 Merger

The European Union has suspended its in-depth antitrust review of the proposed merger between Saipem SpA and Subsea7 SA while regulators await additional information, creating fresh uncertainty over whether the offshore-services combination can close this year.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The European Commission stopped the review clock on Aug. 25 pending supplementary information from the companies, according to iMarine News, citing reporting by Italian financial newspaper Milano Finanza. The suspension does not amount to a rejection of the transaction, but the regulatory timetable will remain frozen until officials determine that the requested information has been supplied.

    The interruption puts a Dec. 16 deadline for the European Commission’s decision at risk and could push completion of the transaction into early 2027 if the pause lasts several weeks, according to the Sept. 7 report by iMarine News.

    Saipem and Subsea7 formally notified EU regulators of the planned combination on June 16. The Commission subsequently opened a Phase II investigation on July 22 after raising concerns about whether the transaction would reduce competition in parts of the offshore engineering market. The review initially had a Nov. 26 deadline before the companies sought an additional 14 working days, extending it to Dec. 16, according to iMarine News.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    At the center of the EU inquiry is the market for subsea umbilicals, risers and flowlines, commonly known as SURF systems. The equipment connects subsea infrastructure in oil and gas developments and carbon-capture projects with production facilities.

    Related: EU Poised to Launch In-Depth Antitrust Probe Into Saipem-Subsea7 Merger

    According to iMarine News’s account of the Commission’s preliminary assessment, regulators found that three large suppliers dominate the sector, with Saipem and Subsea7 accounting for two of them. EU officials have also pointed to constrained vessel availability, significant barriers for potential new entrants and a shortage of comparable alternatives, particularly for large and technically complex projects.

    The EU delay contrasts with progress in several other jurisdictions. The transaction has already passed US antitrust review and received clearance from the UK competition regulator, according to iMarine News. Ten of the 16 competition authorities examining the combination have so far approved it.

    The proposed merger would create one of the world’s largest offshore engineering and construction groups, with about 44,000 employees, more than 60 vessels and operations across over 60 countries, according to the publication. The combined business would span services including drilling, engineering and construction as well as field-life-cycle and decommissioning work.

    Saipem and Subsea7 are targeting about €300 million ($352 million) of annual cost and capital-expenditure synergies from the third year after completion, iMarine News reported. Subsea7 shareholders are also expected to receive a €450 million special cash dividend immediately before closing.

    Source: iMarine News