EU Set to Launch In-Depth Probe of Saipem-Subsea 7 Merger on July 22
The European Commission is expected to open an in-depth investigation into the merger of Saipem and Subsea 7 once its preliminary review closes on July 22, according to Offshore Engineer OEDigital.
The two firms disclosed the tie-up in February last year, combining their offshore energy services operations across drilling, engineering, and subsea infrastructure work for oil and gas projects, OEDigital reported.
Antitrust reviews are running in more than one jurisdiction. The Australian regulator ordered its own in-depth investigation last week, citing concerns that the combination could weaken competition in key offshore oil and gas services, according to OEDigital.
Brazilian authorities cleared the transaction unconditionally last month, a ruling that prompted lawsuits from companies opposed to the merger, OEDigital reported.
The two companies draw on different client rosters. Saipem lists Saudi Aramco, QatarEnergy, and Abu Dhabi's ADNOC among its customers, while Subsea 7 works more with international oil firms including BP and Equinor, according to OEDigital.
Source: oedigital.com (opens in a new tab)1 sourcePermalink