Italy’s Saipem to Consider Combining With Rival Subsea 7

By Ed Hammond, Daniele Lepido and Dinesh Nair (Bloomberg) --Saipem SpA is considering a combination with rival Subsea 7 SA in what could rank as one of the European oil services industry’s biggest-ever deals, people with knowledge of the matter said. The Italian company is pursuing a potential transaction with Norway-listed Subsea 7 as it seeks to bulk up and weather an … [Read more...]

Equatorial Guinea Bans Subsea 7, Source Says

By Paul Burkhardt (Bloomberg) -- Equatorial Guinea has banned oil-services company Subsea 7 SA from operating in the central African nation over local content rules, according to a person familiar with the situation. TechnipFMC Plc and Schlumberger Ltd. have resolved all issues to do with local content, said the person, requesting anonymity because the information is not … [Read more...]

Subsea 7’s ‘Seven Viking’ Awarded New 5-Year Contract with Statoil

Norwegian energy giant Statoil is awarding Subsea 7 Norway AS a five-year contract for IMR services to be carried out by the Seven Viking vessel for subsea operations on the Norwegian continental shelf (NCS). Subsea 7 will provide inspection, maintenance and repair (IMR) services for Statoil’s 560 subsea wells on the NCS. The service includes onshore project planning and … [Read more...]

Subsea 7 Makes $2 Billion Hostile Bid to Break Up McDermott’s U.S. Deal

By Nerijus Adomaitis OSLO, April 23 (Reuters) - Offshore oil services firm Subsea 7 has made an unsolicited offer worth about $2 billion for U.S. rival McDermott, potentially breaking up the U.S. company's agreed deal with onshore engineering firm Chicago Bridge & Iron (CB&I). The deal could make Oslo-listed Subsea 7 the market leader in supplying and installing … [Read more...]