On August 27, Oslo-listed offshore giant Subsea7 announced on its official website that it had secured a major contract from the Turkish Petroleum Offshore Technology Center (TP-OTC). The project was awarded for the development of phase 3 of the Sakarya field development in the Black Sea, offshore Türkiye.
Subsea7 will describe it as a “major contract,” with a value between $750 million and $1.25 billion according to its corporate practice.
Subsea7’s scope includes engineering, procurement, construction and installation (EPCI) of the subsea umbilicals, risers and flowlines (SURF). Project management and engineering will commence immediately and will be managed by the Subsea7 office in Istanbul, Türkiye.
According to its official website, Subsea7 was established on May 23, 2002, and has since grown into a company listed on the Oslo Stock Exchange. It specializes in engineering, construction, and services within the offshore energy sector, operating a fleet of approximately 40 construction vessels.
On July 24, Subsea 7 and Saipem simultaneously announced the signing of a binding merger agreement, with the transaction expected to close in the second half of 2026.
Under the agreement, the proposed merger between Saipem and Subsea7 will be structured as a cross-border statutory merger under EU law, with Subsea7 being absorbed into Saipem. The combined entity will be named Saipem7, with each company holding a 50% stake in the new entity. Headquartered in Milan, the new company will be listed on both the Milan and Oslo stock exchanges, with a total order backlog reaching €43 billion.
After the merger, this “giant” offshore engineering company will have about 44,000 employees, including more than 9,000 engineers and project managers, a diversified fleet of more than 60 ships, and operations in more than 60 countries around the world. Its business covers a variety of offshore operations from shallow water to ultra-deep water, and will provide a complete portfolio of offshore and onshore services from drilling, engineering, construction to oilfield life cycle services and decommissioning services, and can better optimize the project progress of customers in the fields of oil, gas, carbon capture and renewable energy.