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Saipem to Merge With Subsea7 ...Middle East
Italian oil field services provider Saipem has struck a deal to combine its operations with rival Subsea7 in a tie-up worth over $4.6 billion. The new entity, to be named Saipem7, will have revenues of some 20 billion euros, or $21 billion, earnings before interest, tax, depreciation, and amortization of over 2 billion euros, or $2.1 billion, and a combined backlog of 43 billion euro, equal to some $45 billion, Saipem said. “Highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies that will…
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