A PROPOSED global merger of two offshore operators active in Australian waters has attracted the attention of the Australian Competition and Consumer Commission.
The ACCC says Italy’s Saipem S.p.A’s proposed merger with Norway’s Subsea7 S.A could substantially lessen competition and requires an in-depth Phase 2 assessment.
Saipem is a global engineering and construction company that provides services for the oil and gas industries across both offshore and onshore projects.
Subsea7 is also a global engineering and construction company, providing services for offshore oil and gas projects.
Both parties are key suppliers of engineering, construction and maintenance services to offshore Australian oil and gas producers, with each operating a fleet of pipelaying and other vessels to provide these services.
Both companies are key contractors in the design, engineering, procurement, fabrication and installation of subsea infrastructure that connects subsea wells and production systems to surface facilities.
The proposed merger, under the name Saipem 7, was originally announced early last year backed by principal shareholders Eni and CDP Capital, and Siem Industries respectively, and was expected to be finalised by the end of that year and completed in Q2 2026.
“We consider the acquisition could substantially lessen competition in the supply of certain subsea infrastructure that connects subsea wells and production systems to surface infrastructure, services which are critical to Australian offshore oil and gas projects,” ACCC commissioner Dr Philip Williams said.
“We will conduct further in-depth inquiries during the Phase 2 assessment and seek more information about the likely competitive effects of this proposed merger.”
The ACCC says it has not reached a conclusion on the issues and will continue to consider the acquisition in Phase 2.
Saipem and Subsea7 also both supply inspection, repair, maintenance and decommissioning services for offshore oil and gas projects, and infrastructure for offshore wind farms. However, based on the materials before it, the ACCC does not propose to consider this further.
The ACCC invites submissions in response to its Phase 2 Notice by 21 July 2026. Parties can contact the ACCC via mergers@accc.gov.au.
More information and the Phase 2 Notice are available on the ACCC’s Acquisitions Register: Saipem – Subsea7.