The duo has committed to divest the Seven Borealis vessel to address the competition concerns raised by CADE’s tribunal during its review. This commitment includes specific provisions to ensure continuity in the execution of the existing project backlog.
Both companies have emphasized that the divestiture is not expected to materially affect the strategic rationale of the proposed combination. As a result, they have confirmed the synergies previously announced.
The European players underlined: “Subsea7 and Saipem remain firmly committed to the proposed combination and will continue to work constructively with the relevant authorities to secure prompt satisfaction (or, where applicable, waiver) of the remaining conditions set out in the common merger plan approved by the shareholders of both companies.”
This go-ahead in Brazil comes after Saipem and Subsea7 announced the end of the U.S. antitrust review period, giving them the all-clear to close the transaction in America. The duo’s merger is not out of the woods yet, as the conclusion of the European Commission’s in-depth investigation to assess the proposed merger is still ongoing.
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