Il cabinet gave the conditional approval for the merger between Saipem and and Norwegian subsea7, exercising the golden power, the instrument that allows the State to protect Italian strategic assets. The birth of Saipem7, an offshore energy infrastructure giant, is therefore bound to a series of commitments on energy security, technology and national defense.
As reported by MF-Milan Finance, decree approved on September 18 does not block the operation – considered strategic to strengthen Saipem on international markets – but sets some stakes: from maintaining the most sensitive activities in Italy to the protection of programmes on drones divers of Trieste, already at the centre of a memorandum with FincantieriThe decision comes just a few days after Assembly of the shareholders, summoned for Thursday September 25 2025, where the final approval for the operation will be voted on.
Saipem-Subsea7 Merger: Palazzo Chigi's Stakes
Among the conditions imposed by the government, the maintenance of strategic activities in Italy stands out, in particular in Marghera poles, Sonsub e Trieste, considered fundamental for national security. Saipem7 will have to guarantee the continuity of the research and development programs, with focus on robotics and on drones divers, and ensure that the technical know-how developed for military purposes remains available to the Armed forces and Italian operators, without the possibility of assignment or transfer to third parties.
No less important is the priority on interventions in national energy infrastructure, in addition to the obligation to submit the updated industrial and strategic plan to Palazzo Chigi as soon as it is available. Essentially, the government wants to avoid any reduction or dispersion of technological, industrial, and patent capabilities considered vital to the country's security.
Saipem-Subsea7: Why the Merger Is Considered Strategic
Despite the constraints, Rome recognizes the operation as "of national interest": Saipem7 will be able to count on 21 billion in expected revenues, an order backlog of 43 billion and one of the world's largest offshore and subsea fleets. The transaction also enables operational synergies, increased investment capacity, and accelerated technological innovation.
On the front of the governance, the new company will be born with a 50/50 split between the shareholders of Saipem and those of Subsea7. Among the main shareholders, the following stand out: Siem Industries (11,8%), Eni (10,6%) and CDP Equity (6,4%), who together will control approximately 29% of Saipem7.
The CEO will be the current CEO of Saipem, Alessandro Puliti, while the presidency will go to the Norwegian Kristian Siem. A are expected three-year lock-up – that is, a period during which shareholders will not be able to sell their shares in order to ensure stability for the new company – and the irrevocable commitment of the shareholders to support the merger with a common vote.
Saipem-Subsea Merger: Fincantieri's Role and Underwater Drones
The game remains open on underwater drones, the sensitive technological heart of the future Saipem7. On this front, Saipem is back in the field Fincantieri, with which Saipem has already signed a memorandum for possible collaborations in the Trieste hub. An asset sale is not excluded, which would allow the strengthening of the National Diving Centre under the umbrella of the shipbuilding group controlled by CDP.
This move would allow Italy to meet the conditions set by Rome and, at the same time, consolidate a strategic technology with both civilian and military applications.
