Clifford Chance, Advokatfirmaet Thommessen, Freshfields, Elvinger Hoss Prussen, Advokatfirmaet Wiersholm, Cleary Gottlieb Steen & Hamilton and TozziniFreire advised on the Saipem–Subsea7 merger.

Saipem and Subsea7 have agreed to combine through an EU cross-border statutory merger to create a global leader in energy services. The combined entity, to be renamed Saipem7, will be listed on both the Milan and Oslo stock exchanges, with shareholders of both companies holding 50% each.

The combined group is expected to have a backlog of approximately €43 billion, revenues of around €20 billion and EBITDA in excess of €2 billion. Headquartered in Milan, Saipem7 will operate as a global player across offshore and onshore engineering and construction services in the energy sector.

Clifford Chance is serving as global legal counsel to Saipem on the transaction.

The multidisciplinary team was led by Italy Managing Partner Paolo Sersale and included Counsels Stefano Parrocchetti and Francesca Casini, Associate Alessia Aiello and Trainee Federica Incoronato for corporate M&A aspects. Partners Luciano Di Via and Marc Besen, along with Senior Associate Antonio Mirabile and Associate Maria Bazzini, advised on antitrust matters.

Partner Simonetta Candela handled labour law aspects, while Partner George Hacket and Counsel Laura Scaglioni advised on US securities law matters. Tax advice was provided by Partner Carlo Galli and Senior Associate Andrea Sgrilli.

Partner Steven Fox and Senior Associate Olivia Higgs advised on English law aspects, while Partner Christian Kremer, Counsel Lauren Harris, Senior Associate Philippe Sadler and Trainee Lawyer Maxime Majerus covered Luxembourg law aspects.

Advokatfirmaet Thommessen is advising Saipem on Norwegian law aspects of the transaction.

Freshfields is serving as global legal counsel to Subsea7, including advising on merger control and regulatory aspects across multiple jurisdictions.

The team is led by Partners Ziyad Nassif and Luigi Verga and Senior Associate Vittoria Deregibus. Partner Alastair Chapman and Principal Associate Mathilde Beaumunier are advising on antitrust matters, while US securities advice is being provided by Michael Levitt and Jeremy Barr.

Elvinger Hoss Prussen and Advokatfirmaet Wiersholm are advising Subsea7 on Luxembourg and Norwegian law aspects of the transaction, respectively.

Cleary Gottlieb Steen & Hamilton is representing Eni and CDP Equity, the controlling shareholders of Saipem, in connection with the merger, including in relation to shareholder arrangements and governance matters.

TozziniFreire Advogados is advising Petrobras on the transaction. The team is led by Partners Guilherme Ribas and Marcelo Calliari, with support from Counsel Natan Munhoz and lawyers Marco Volpini Micheli and Camila Monferrari.