Why is the Saipem-Subsea 7 merger facing a full-scale EU antitrust investigation?

The Saipem-Subsea 7 merger is set to face a full-scale EU antitrust investigation due to competition concerns, as reported by people with direct knowledge of the matter; the European Commission is expected to launch an in-depth investigation at the end of its preliminary review on July 22, and while the companies could potentially avoid it by offering remedies—such as reducing capacity or selling vessels—sources consider this unlikely.

What are the key differences in the client bases of Saipem and Subsea 7, and why might that matter for antitrust scrutiny?

Saipem’s client base includes national energy companies such as Saudi Aramco, QatarEnergy, and ADNOC, whereas Subsea 7 primarily serves international oil firms like BP and Equinor; this distinction matters because overlapping service offerings across shared customer segments—especially in offshore oil and gas infrastructure—could raise concerns about reduced competition in integrated offshore energy services, contributing to the EU’s antitrust scrutiny.

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Saipem and Subsea 7 face a full-scale EU antitrust investigation over their merger, driven by competition concerns in offshore oil and gas services that may require asset sales or capacity cuts.

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Saipem, Subsea 7 Deal to Face EU Antitrust Investigation, Sources Say

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