A PYMNTS Company

Exxon, Petrobras and TechnipFMC Urge Brazil’s Antitrust Regulator to Scrutinize Subsea Merger

By  |  September 24, 2025

Exxon Mobil, Brazil’s state-controlled Petrobras, and oil services provider TechnipFMC have filed petitions with Brazil’s antitrust watchdog Cade, seeking intervention in a proposed merger between subsea contractors Subsea7 and Saipem, according to Reuters.

    Get the Full Story

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

    yesSubscribe 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.

    In documents submitted on Thursday, the three companies argued that the transaction could heavily concentrate Brazil’s subsea oil and gas services sector, raising costs and limiting competition. The petitioners urged Cade to either block the deal or enforce measures such as asset divestitures to safeguard market competition, Reuters reported.

    The proposed combination of Norway’s Subsea7 and Italy’s Saipem, which is slated to operate under the name Saipem7, would create an industry heavyweight. The companies announced in July that the merged group would control an order backlog of €43 billion ($50.6 billion), generate approximately €21 billion in annual revenue, and post more than €2 billion in core earnings. The deal is scheduled for completion in the second half of 2026, per Reuters.

    Related: FTC Reconsiders Boardroom Bans Tied to Exxon, Chevron Oil Mergers

    Petrobras told regulators that the deal could directly affect its operations, given its reliance on subsea contractors for vital offshore projects. Exxon warned that the merger would leave few alternatives in the subsea umbilicals, risers and flowlines (SURF) segment, reducing options for customers. TechnipFMC, a direct competitor, echoed these concerns, stating the deal would impair other companies’ ability to compete effectively, according to Reuters.

    Source: Reuters