London, February 24, 2025 (Oilandgaspress) –- Saipem and Subsea7 announce that today they have reached an agreement in principle on the key terms of a possible merger of the two companies1 (the “Proposed Combination”) through the execution of a memorandum of understanding (the “MoU”). The Proposed Combination is expected to create a global leader in energy services.
Highlights
The combination of Saipem and Subsea7 (the “Combined Company”) will be renamed Saipem7, and will have a combined backlog of €43 billion2, Revenue of approx. €20 billion3 and EBITDA in excess of €2 billion4 A global organisation of over 45,000 people, including more than 9,000 engineers and project managers Highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies that will benefit the Combined Company’s global client base
Saipem and Subsea7 shareholders will own 50% each of the share capital of the Combined Company
Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held. Subsea7 will distribute an extraordinary dividend for an amount equal to €450 million immediately prior to completion
Transaction expected to deliver material value creation for the shareholders of both Saipem and Subsea7. Annual synergies of approximately €300 million are expected to be achieved in the third year after completion, with one-off costs to achieve such synergies of approximately €270 million
The Combined Company will be listed on both the Milan and Oslo stock exchange
Siem Industries, reference shareholder of Subsea7, as well as Eni and CDP Equity, reference shareholders of Saipem, have expressed their strong support and intend to vote in favour of the transaction
Completion anticipated to occur in the second half of 2026
The management of both Saipem and Subsea7 share the conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geographies. The combination would enhance value for shareholders, and all stakeholders, both in the current market and in the long term.
CDP Equity, Eni and Siem Industries have entered into a separate Memorandum of Understanding, undertaking to support the Proposed Combination and agreeing on the terms of a Shareholders Agreement, to be effective from completion of the Proposed Combination. As part of this, it is intended that the Combined Company’s Chairman will be designated by Siem Industries and that the Combined Company’s CEO will be designated by CDP Equity and Eni. In addition, it is currently envisaged that Mr Alessandro Puliti will be appointed as CEO of the Combined Company5 while it is currently envisaged that Mr John Evans will be the CEO of the entity that will manage the Offshore business of the Combined Company. Such Offshore business will comprise all of Subsea7 and Saipem’s Offshore Engineering & Construction activities. Read More
With reference to the cross-border merger of Subsea7 S.A. into Saipem, as announced by the companies involved in the merger, Eni S.p.A. and CDP Equity S.p.A., the controlling shareholders of Saipem, announce that they have signed a memorandum of understanding with Siem Industries S.A., the largest shareholder of Subsea7, aimed at defining, among other things, their commitment to provide full support to the transaction, as well as the principles that will govern the corporate governance of the acquiring company, Saipem, within the framework of the shareholders’ agreement that will be signed between the three parties.
The merger, which will be structured as a merger of equals with a fixed exchange ratio of 50-50, will see Saipem, as the acquiring company, maintain its headquarter and listing market in Italy, while also being listed in Norway upon completion of the merger.
Pursuant to the governance principles defined in the memorandum of understanding, Eni , CDP Equity, and Siem Industries, which together will represent approximately 29% of the share capital (Siem 11.8%, Eni 10.6%, CDP Equity 6.4%, respectively), will form a stable core group of key shareholders that will appoint the majority of the board of directors. Eni and CDP Equity will amend the existing shareholders’ agreement to regulate the exercise of the rights that will be jointly granted to them under the shareholders’ pact agreed upon with Siem. The operation will be structured in such a way as not to incur takeover bid obligations.
The transaction will lead to the creation of the global Market Leader in the Subsea and E&C Offshore sector, enhancing its competitive profile through operational synergies (without negative employment impacts) and strengthening its capital structure…. Read More
Cyber A.I. Group, Inc. an emerging growth Cybersecurity, Artificial Intelligence and IT services company engaged in the proactive acquisition of a broad spectrum of Cybersecurity service providers on an international basis, announced today that it has significantly increased its pool of potential acquisitions on a global basis. The announcement was made by Walter Hughes, Chief Executive Officer of Cyber A.I. Group.
“As an emerging international company committed to significant growth through a highly proactive M&A process, the expansion of our pool of potential targets supports our ability to ultimately identify the best and most synergistic acquisitions,” noted Mr. Hughes. “Demonstrated by our recent announcements, we are positioning CyberAI to become a major player in the global Cybersecurity industry, scaling our operations in key markets worldwide. We believe our recent additions underscore our commitment for a truly international footprint as our pipeline continues to expand.”
“Focused on global reach and leveraging the capital markets to accelerate our M&A strategy, CyberAI is targeting $100 million in annualized revenue over the next twelve to eighteen months,” added Darren Minton, Cyber A.I. Group’s Vice Chairman and President. “The addition of potential strategic international acquisitions, particularly in the UK, will support the Company’s international focus when it lists on the Main Board of the London Stock Exchange, after reaching the necessary annualized threshold requirements. It should be understood, of course, that CyberAI’s management will ultimately acquire only the best of the best of the prospective acquisition targets.”
The expanded pipeline now represents over 300 acquisition targets across the following locations:
United States: 265
United Kingdom: 27
Europe: 42
Israel: 18 Read More
Toyota is gearing up for a three-pronged assault on the sports car market by reviving the legendary Celica and MR2 names and preparing a brand-new group flagship in the vein of the fire-breathing Lexus LFA.
The combustion-powered trio will form the backbone of a rebuilt sports car line-up, in essence filling gaps left by the GR Supra, which is at the end of its model life cycle globally, and the acclaimed GR86, whose time on sale in Europe was cut short by EU safety regulations. Notably, the revival of the Celica and MR2 names, following the GR Supra, fulfils the ambition of company chairman Akio Toyoda to bring back the “three brothers”. Together with the GR Yaris and the GR Supra, which is reported to be due to arrive in next-generation guise in the coming years, the new trio are part of the push to bring a renewed sporting appeal to Toyota showrooms. Read More
Official figures show that fewer than one in five new electric cars registered in Britain are by private buyers. Instead, it is fleets and business operators who are driving the transition to battery vehicles.
Among the hurdles is high prices – usually a premium of £10,000 over a conventional petrol or diesel equivalent – but also major concerns about range anxiety, lacking charging infrastructure and the longevity of batteries.
What’s also relatively unclear from a consumer perspective is what happens if an EV becomes faulty, breaks down or the battery dies entirely.
Does your local garage have the expertise to deal with electric cars? Can they be towed? And how much will a repair cost?
These are questions many drivers will be asking as ministers progress with its plan to phase out new petrol and diesel cars, with drivers and industry waiting to hear the results of the government’s recent consultation on the 2030 deadline closing this week.
Consumer watchdog Which? has spoken to experts in the field to understand and explain some of the limitations – and quell some myths – about EVs and what happens when problems arise. And one of the major concerns among sector bosses is that there is a lack of specialist skills to facilitate repairs, which is accelerating far slower than the uptake of electric cars entering the road.
According to the Institute of the Motor Industry (IMI), only 22 per cent of all UK car technicians are trained to work on EVs. Read More
Tata Motors, India’s leading SUV manufacturer, proudly celebrates 27 iconic years of the Tata Safari with the launch of the exclusive, limited STEALTH Edition—a bold and sophisticated embodiment of luxury, power, and exclusivity. Limited to just 2,700 units, this premium edition will be available in both the Harrier and Safari redefining exclusivity and finest SUV aesthetics. With sleek, monotone finishes leading the charge, this STEALTH lineup sparks a fresh wave of desirability showcasing the evolving customer preferences of owning a vehicle which is one its kind. With just few units on sale, the bookings for the STEALTH edition opens starting today, both online and at our dealerships across the country. The STEALTH Edition amplifies the looks with an all-new STEALTH Matte Black finish, exuding an undeniable road presence that is not just seen but felt. More than a mere design statement, this edition is a testament to dominance and exclusivity, offering an enigmatic aura that sets it apart on the road. The matte car paint delivers a unique, stylish finish, enhancing the SUV’s distinctive appeal. Its non-reflective surface lends the vehicle a sophisticated, elegant look, accentuating the SUV’s body lines and contours, making it appear exceptionally premium. The subtle sheen reduces glare under harsh sunlight, ensuring the vehicle’s bold stance remains uninterrupted in any lighting condition. Priced at ₹25.09 lakh, Ex-showroom Delhi for the Harrier STEALTH and at a starting price of ₹25.74 lakh, Ex-showroom Delhi for the Safari STEALTH (available in both 6 and 7 seater), these limited edition SUVs seamlessly blend prestige, performance, and cutting-edge technology, making an unmissable statement of excellence.. Read More
Mercedes-Benz Trucks is again represented with an official stand at Retro Classics in Stuttgart this year. From February 27th to March 2nd, 2025, the manufacturer will be presenting itself at the Stuttgart Trade Fair with a selection of historic vehicles and top-class partners. Ten vehicles from the beginnings of trucks up to the 1960s will be on display there
Mercedes-Benz Trucks is represented at Retro Classics with the following ten historic vehicles from the beginnings of trucks to the 1960s (subject to change due to weather conditions):
Daimler truck from 1896 (replica)
Benz 1 CN from 1922
Mercedes-Benz L 3000 S from 1939
Mercedes-Benz O 3500 from 1950*
Mercedes-Benz L 5000 from 1951
Mercedes-Benz L 4500 from 1955
Mercedes-Benz LP 323 from 1962*
Mercedes-Benz LP 1620 from 1964*
Mercedes-Benz L 1113 from 1966*
2000 Mercedes-Benz Super Race Truck
Four of the vehicles on display (*) took part in the Germany trip for historic commercial vehicles last year. The “Tour of Legends” was a special event in which the Stuttgart-based ETM Verlag, in collaboration with the Fehrenkötter transport company, celebrated the 20th tour of Germany for historic commercial vehicles. This event brought together enthusiasts and collectors of historic commercial vehicles to share their passion and honor the history of these vehicles.. Read More
Mercedes-Benz engineers from the road and racetrack and Factorial cell engineers have worked together on delivering an all-new solid-state battery test program, which has brought the first car powered by a lithium-metal solid-state battery to the road. Mercedes AMG High Performance Powertrains (HPP), a 100 % subsidiary of Mercedes-Benz Group specialising in industry-leading Formula 1 technologies, and the Mercedes‑Benz Center of Competence for Battery Systems designed and developed a completely new and innovative battery system. In addition to its prowess on the racetrack, HPP is capable of rapidly transferring F1 technologies and know-how into high-performance automotive projects.
After intensive testing on various test benches, the prototype solid-state battery was integrated into an EQS at the end of 2024. The all-electric car from Mercedes‑Benz was slightly modified to fit the solid-state battery and was equipped with all accessories to operate it. The first laboratory vehicle tests were already conducted in Stuttgart at the end of 2024 to prepare for the road tests that started in February 2025. Solid-state batteries are a promising technology in electric mobility. They use a solid electrolyte instead of a liquid one, which enhances cell safety and allows for the use of new anodes like lithium metal, thus significantly outperforming conventional lithium-ion cells. They also enable next-level energy densities, in combination with a lithium-metal anode. The solid-state technology has the potential to increase the gravimetric energy density for vehicle batteries up to 450 Wh/kg at the cell level and thereby increasing the driving range. Gravimetric energy density refers to the amount of energy stored in a battery cell per unit mass. This metric is crucial for evaluating the efficiency and performance of battery cells, especially in applications where weight is a critical factor, such as in electric vehicles. Solid-state battery technology reduces the battery weight while improving cell safety. Read More
Golf fans can also look forward to a high-class field of players at the second edition of the Porsche Singapore Classic set to be played on the Laguna National Golf Resort Club’s Classic Course. It will be headed by the multiple time tour winner Paul Casey. In addition to numerous top Asian golfers and the Scottish shooting star Robert MacIntyre, Jimmy Walker has already announced that he will be competing at the DP World Tour tournament..The star line-up at the Porsche Singapore Classic is growing and the second edition of the prestigious DP World Tour tournament is already guaranteed an attractive top international field made up of international world class golfers and Asian title contenders. It means Robert MacIntyre (Scotland), the two-time US PGA Tour winner in 2024, will be joined by the Porsche Brand Ambassador Paul Casey from England and the Major champion Jimmy Walker from USA in the competition for the title and the special prize, a Porsche Taycan Turbo S, at the Laguna National Golf Resort Club from 20 to 23 March 2025. Further top players are also expected to be announced before the entry deadline.
Both players and Porsche Singapore Classic visitors will once again this year have their eyes on a special hole-in-one prize. An ace on the Classic Course’s 17th will be rewarded with a Taycan Turbo S in Oak Green Metallic. Onsite fans also have the chance via the daily Porsche Taycan Challenge in the Public Village to qualify for the shootout on Sunday and thus the chance to win the hole-in-one vehicle on the 17th. Read More
Porsche is continuing to support an award-winning art therapy initiative of the organisation ART HELPS, which helps those struggling to process trauma. Set up by artists and creatives, the not-for-profit ART HELPS organisation works with people in Ukraine, helping them to express and process traumatic experiences through art therapy, while also providing aid transport on the ground. Since the outbreak of the conflict in Ukraine, the organisation has been active in the country, offering therapeutic formats as well as aid transports. The programme has been backed by Porsche since the end of 2022. Read More
Porsche Penske Motorsport has completed its preparations for the FIA World Endurance Championship (WEC). The factory team completed a total of 618 laps with both Porsche 963 during the two-day Prologue at the Lusail International Circuit. Proton Competition clocked 213 laps in the cumulative total of all four test sessions with an identical hybrid prototype. In LMGT3 category, the customer teams Manthey 1st Phorm and Iron Dames gained important experience with the Porsche 911 GT3 R. This year’s season begins on Friday with a 10-hour race on the 5.419-kilometre circuit in the north of the capital Doha. In total, the 508 kW (691 PS) Porsche 963 covered a distance of 4,504 kilometres on the Qatari Grand Prix circuit. The two Porsche Penske Motorsport race cars alone accounted for 3,350 kilometres, completing a total of 54 pit stops with 14 driver changes Read More
SolarAfrica has secured a R1.8 billion ($98 million) investment in its SunCentral utility-scale solar project, which will be developed in three phases. The first phase, consisting of 342 MW, will be delivered through three 114 MW facilities, delivering renewable energy to various off-takers through South Africa’s power grid. Phases 2 and 3 will increase SunCentral’s capacity to 1 GW. SolarAfrica’s project will offer wheeling on a one-to-many basis, making it accessible to a wider range of businesses in South Africa, unlike similar projects that offer one-to-one wheeling. The project is located between Hanover and De Aar in South Africa’s Northern Cape province. SolarAfrica’s Chief Investment Officer Charl Alheit, who spearheaded the financial close, explains: “Reaching financial close on the first 114 MW of our utility-scale wheeling development and Main Transmission Substation (MTS) investment marks a significant milestone in our commitment to advancing sustainable energy solutions for our customers in the commercial and industrial sectors.” Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.52 | Down |
| Crude Oil (Brent) | USD/bbl | $74.55 | Down |
| Bonny Light 24/02/25 CBN | USD/bbl | $76.62 | Down |
| Dubai | USD/bbl | $76.34 | — |
| Natural Gas | USD/MMBtu | $3.94 | Down |
| Murban Crude | USD/bbl | $76.96 | Down |
| OPEC basket 21/02/25 | USD/bbl | $77.42 | Down |
Kuwait Oil Company has signed agreements with leading global energy majors Baker Hughes, SLP Oilfield Services, Weatherford International, Halliburton Company and the National Energy Services Reunited Corporation (NESR) to develop Al Ahmadi innovation valley, a leading initiative in the field of digital transformation. As per the deal, each of the five corporations will set up a world-class research center at Al Ahmadi innovation valley to offer solutions to KOC in the areas of exploration for, and production of, oil and gas. Read More
KBR, Inc. announced today that the independent directors of the KBR Board have unanimously elected Lt. General Wendy M. Masiello as Lead Independent Director, effective as of KBR’s 2025 annual meeting of stockholders to be held in May 2025. Lt. General Masiello has served on KBR’s Board of Directors since August 2017, including as the current Chair of the Cybersecurity Committee and a member of the Compensation Committee and Sustainability & Corporate Responsibility Committee. A three-star General of the U.S. Air Force, Lt. General Masiello brings a wealth of relevant experience and a deep understanding of KBR’s strategic vision and operations.
As part of the Board leadership transition, the Board also enhanced the Lead Independent Director duties, which are set forth in the Company’s Corporate Governance Guidelines, available at www.kbr.com/who-we-are/our-company/corporate-governance.. Read More
During the state visit of the President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan, and in the presence of the Italian Prime Minister, Giorgia Meloni, today Eni’s Chief Executive Officer, Claudio Descalzi, signed three collaboration agreements with Emirati companies covering the development of data centres, renewable energy capacity transmission through cross border interconnection between Albania and Italy, and critical minerals.
In particular, Eni has signed a Letter of Intent with MGX, a leading investment fund focused on AI and Advanced Technology investment, and G42, a globally leading AI-focused group based in Abu Dhabi, to develop state-of-the-art data centres in Italy to store, process, and manage large amounts of data, with a planned IT capacity of up to 1 GW. These facilities will be fully powered by blue power supplied by Eni, a low-carbon energy source generated by natural gas power plants, whose CO2 emissions are captured and stored. The first project planned regards Ferrera Erbognone, home to Eni’s Green Data Centre, and will be developed in two phases of up to 500 MW of IT capacity, equal to Italy’s current installed capacity. This project will be supported by a new dedicated power plant, with CO2 capture and storage at the Ravenna CCS hub.
In addition, Eni signed an agreement with Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, and Taqa Transmission, a specialist in electricity transmission, for the establishment of long term power off take arrangements in Italy with Eni as a preferred off-taker of the renewable energy generated in Albania with a capacity of up to 3 GW transmitted through an up to 1 GW cross border subsea interconnection between Albania and Italy. This agreement follows the Tripartite Strategic Partnership Framework signed in Abu Dhabi in January 2025 between the governments of Italy, Albania and the UAE.
Finally, Eni and ADQ, a global sovereign investor with a focus on critical infrastructure and supply chains, signed a Memorandum of Understanding to collaborate on the research and development of critical minerals. The agreement aims to strengthen the security and resilience of the critical minerals supply chain for both Italy and the UAE…. Read More
Baker Hughes Rig Count: U.S. +4 to 592 Canada -1 to 244
U.S. Rig Count is up 4 from last week to 592 with oil rigs up 7 to 488, gas rigs down 2 to 99 and miscellaneous rigs down 1 to 5.
Canada Rig Count is down 1 from last week to 244, with oil rigs unchanged at 174, gas rigs down 1 to 70 and miscellaneous rigs unchanged at 0.
International Rig Count is down 4 rigs from last month to 905 with land rigs up 1 to 713, offshore rigs up 5 to 197. International Rig Count is down 60 rigs from last year’s count of 965, with land rigs down 27, offshore rigs down 33.
| Region | Period | Rig Count | Change |
| U.S.A | 21 February 2025 | 592 | +4 |
| Canada | 21 February 2025 | 244 | -1 |
| International | January 2025 | 905 | -4 |
| Baker Hughes |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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