Italy’s engineering, drilling, and construction services giant Saipem and the Luxembourg-domiciled Subsea7 have made progress in advancing their proposed business combination with a U.S. antitrust milestone; however, the merger’s fate remains uncertain pending the review of potential offshore market concentration issues in the European Union (EU).
Saipem and Subsea7 have confirmed the end of the U.S. antitrust review period, as all applicable waiting periods under the U.S. Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 have expired.
As a result, the two players are permitted to close the transaction in America, but the completion of the business combination is still subject to certain regulatory approvals outside the United States.
This includes the conclusion of the European Commission’s recently launched in-depth investigation under the EU Merger Regulation to assess the proposed merger, which aims to give birth to Saipem7 as a combined company.
The Commission’s final say on this consolidation move is expected to be disclosed by November 26, 2026.
The probe was opened due to concerns that the proposed Saipem-Subsea7 business combination may significantly impact effective competition in some offshore engineering and construction service markets.
The European Commission’s preliminary investigation indicates that the merger may significantly reduce competition on the subsea umbilicals, risers, and flowlines (SURF) services market for oil and gas and carbon capture and storage (CCS) projects.
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