Saipem, Subsea 7 deal to be hit with EU antitrust investigation, sources say (updated)

Subsea 7

10/07/2026 14:33

Adds the European Commission, Saipem declined comment
By Foo Yun Chee

    BRUSSELS, July 10 (Reuters) - 
    Italian energy contractor Saipem's SPMI.MI merger with Norwegian peer Subsea 7 SUBC.OL is set to face a full-scale EU antitrust investigation because of competition concerns about the deal, people with direct knowledge of the matter said.
  
The companies announced the deal in February last year to create a leading global player in offshore energy services, from drilling and engineering to laying subsea infrastructure for offshore oil and gas projects. Both operate a fleet of vessels for these services.
The European Commission will likely kick off an in-depth investigation at the end of its preliminary review on July 22, the people said. The companies could stave it off by offering remedies to address antitrust worries but this is seen as unlikely, the sources said.

    Potential remedies could include the companies reducing their capacity or selling off some of their vessels, one source said.
  

    The Commission, which acts as the EU competition enforcer, and Saipem declined to comment.
  

    Saipem counts Saudi Aramco 2223.SE, QatarEnergy, Abu Dhabi's ADNOC and other national energy companies among its clients while Subsea 7's customer base is more focussed on international oil firms such as BP and Equinor.
  

    The deal was 
    cleared unconditionally in Brazil
     last month, which has triggered lawsuits by some companies opposed to the merger. The 
    Australian antitrust regulator
     last week ordered an in-depth investigation over concerns the deal could reduce competition in key offshore oil and gas services.
  

 (Reporting by Foo Yun Chee, Editing by Louise Heavens)
 ((foo.yunchee@thomsonreuters.com; +32 2 585 2866; Reuters Messaging: foo.yunchee.thomsonreuters.com@reuters.net))