Saipem, Subsea7 Merger Approved

The tribunal of Brazil's antitrust agency (CADE) has approved the merger of Italian oilfield services company Saipem and Norway's Subsea7, Saipem said on Wednesday.

Brazil's green light is an important step towards the completion of the deal, even if the proposed combination is still under review by other antitrust authorities including the European Commission.

In a statement, Saipem said it and Subsea7 had committed to divest Seven Borealis, a pipelay and heavy-lift vessel, to address competition concerns raised by Brazil during its review.

The sale of the vessel, which is part of Subsea7's fleet, is not expected to significantly affect the reasons behind the combination, and the cost efficiencies previously announced are confirmed, it added.

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