SIEM Shipping is proud to celebrate the signing of a landmark merger agreement between Subsea7 and Saipem. This strategic move signals the creation of Saipem7 — a global energy leader combining two of the most experienced and capable players in the offshore and onshore sectors.

For SIEM Shipping, this announcement is especially meaningful. As a company within the Siem Group, we recognise the long-term vision, strategic ambition and bold thinking that have helped bring this merger to life. With competition law clearances still to be finalised, this development sets the stage for a new force in energy services — one defined by innovation, global reach and operational excellence.

Following completion, Siem Industries, our parent company, will become the largest single shareholder in Saipem7. This positions the wider Siem Group at the heart of one of the world’s most influential energy platforms — reflecting years of disciplined investment, strategic foresight and active involvement in the maritime and energy sectors.

We also extend our warmest congratulations to Kristian Siem, founder and owner of Siem Industries, on his future appointment as Chairman of the Board of Saipem7. His leadership has guided decades of growth across the group’s businesses and continues to inspire high standards, resilience and long-term focus.

With a combined revenue of €21 billion, a workforce of 44,000 employees, and one of the world’s most diversified operational fleets, Saipem7 is set to become a category leader across offshore construction, engineering, subsea intervention, and onshore project delivery.

The newly formed company will benefit from:

• Unmatched operational expertise across global energy regions
• Synergised engineering and construction capabilities
• A scale advantage in delivering integrated, sustainable energy solutions

This is more than a merger. It is a powerful step forward in shaping the future of global energy — one that supports decarbonisation, technology leadership and long-term resilience.

As a company operating closely with Subsea7, we see this development as both a moment of celebration and one of opportunity. Our offshore construction vessel Siem Stingray, currently on charter to Subsea7, represents just one example of how our vessels contribute to complex, mission-critical projects across the subsea sector.

We look forward to continuing our strong relationships within the evolving structure and contributing to projects that define the next era of offshore energy.

The formation of Saipem7 is a moment of pride for SIEM Shipping and the broader Siem Group. It reflects what long-term vision, strategic alignment and shared purpose can achieve on a global scale.

We congratulate everyone involved in this milestone and wish Saipem7 every success as it moves forward into this bold new chapter.