Overview

• Exxon Mobil, Petrobras and TechnipFMC filed petitions with Brazil's CADE seeking intervention in the planned tie-up, requesting a block or remedies such as asset sales.
• The filings argue the deal would heighten concentration in subsea services, notably SURF and deepwater pipeline installation, reducing competition and customer choice.
• Petrobras warned its operations could be affected, noting a heavy reliance on vessels owned by Saipem or Subsea7 and fewer viable alternatives post-merger.
• Italy approved the transaction with conditions requiring Saipem to prioritize domestic energy infrastructure and retain activities deemed strategic within the country.
• Saipem and Subsea7 project about €21 billion in revenue and a €43 billion backlog for the combined group, with shareholder votes expected this week and closing targeted for the second half of 2026.