Saipem
Milan-listed energy services group founded in 1957, which sold its Saudi jack-up drilling subsidiary to ADES in 2026 and has agreed to merge with Subsea7.
Industry: Oil and gas services | Location: San Donato Milanese, Italy | Founded: 1957
About Saipem
Saipem is an Italian oilfield services company that provides engineering, construction, drilling and floating production services for offshore and onshore energy projects. Its headquarters are in San Donato Milanese, near Milan, and its shares are listed on Borsa Italiana under the ticker SPM and are part of the FTSE MIB index. Wikipedia reports offices in more than 60 countries.
Saipem dates from 1957, when Enrico Mattei founded it by merging Saip, a drilling subsidiary of Agip, with Snam Montaggi. It began offshore drilling off Gela, Sicily, in 1959. It bought Bouygues Offshore for USD 1 billion in 2002 and merged with the Eni subsidiary Snamprogetti in 2006. In 2016 Eni sold a 12.5 percent stake to CDP Equity, and Eni and CDP Industria remain among its largest shareholders. Alessandro Puliti was appointed chief executive on 14 May 2024, and Elisabetta Serafin chairs the board.
In May 2024 Saipem secured contracts worth USD 3.7 billion from TotalEnergies for the Kaminho project offshore Angola. On 24 July 2025 Saipem and Subsea7 announced an agreement to merge; the combined company is to be called Saipem7, stay incorporated in Italy, be headquartered in Milan and be listed in Milan and Oslo. Completion was not confirmed in the sources read.
On 24 June 2026 Saipem agreed to sell Saudi Arabian Saipem Limited, which owns five jack-up rigs, to ADES Saudi Limited Company, an indirect subsidiary of ADES Holding, for USD 285 million. Saipem International B.V. was the seller. Saipem said it was reducing exposure to mature shallow-water drilling to focus on deepwater and harsh-environment projects, and MEED reported on 18 September 2026 that the sale had closed.
For 2025 Saipem reported revenue of EUR 15.497 billion, up 6.5 percent, and net profit of EUR 310 million. New contract awards were EUR 12.936 billion and backlog exceeded EUR 31 billion at the end of December 2025. The board proposed a dividend of EUR 0.17 per share, about EUR 330 million, and set 2026 revenue guidance at about EUR 15.5 billion.