Saipem’s 2024 Profit Skyrockets by 70% Amid Merger with Subsea 7

Rome: Saipem, the Italian engineering giant, announced a remarkable 70% increase in its 2024 profit, reaching 306 million. The surge in profits coincides with a significant merger between Saipem and the Norwegian undersea engineering multinational, Subsea 7. This merger has been cited as a testament to the strength of the ‘Italian System’ and marks the creation of the world’s foremost energy engineering company, according to Italian Premier Giorgia Meloni.

According to Ansa News Agency, Premier Meloni expressed her satisfaction with the merger, highlighting the importance of the collaboration between Saipem and Subsea 7 as a pivotal development in the energy engineering sector. She emphasized that the future group will be headquartered in Italy, combining the strengths of both companies, which are complementary in their geographical presence, expertise, capabilities, naval fleets, and technology.

The merger is seen as a significant achievement demonstrating the robustness and vitality of the Italian System. It reflects the economic, productive, and industrial excellence inherent in Italy, contributing to the country’s reputation as a leader in the global market.