Italy’s Saipem and Norway’s Subsea7 signed a merger agreement on 24 July to create a new entity, Saipem7. Building on an MoU signed in February, the companies said the merger expected to close in the second half of 2026 will result in a business with annual revenues of about €21bn ($25bn), free cash flow of more than €800mn ($940mn), and a combined order backlog of €43bn ($51bn).