Saipem shareholders unanimously approved the merger with Norwegian oil contractor Subsea7. However, this proposed merger is also facing strong opposition, as oil majors like ExxonMobil and Petrobras, along with contractor TechnipFMC, have asked Brazil’s antitrust regulator to block it. These companies argue the merger would reduce competition and increase costs in the deepwater subsea market, particularly for SURF (subsea umbilicals, risers, and flowlines) and pipe laying vessels in Brazil.
