en.Wedoany.com Reported - The Australian Competition and Consumer Commission (ACCC) will conduct a detailed Phase 2 review of the proposed merger between Italian oilfield services company Saipem and Luxembourg-based subsea engineering firm Subsea7. The regulator believes the transaction could significantly reduce competition in the market for subsea infrastructure services for Australia's offshore oil and gas projects. The two companies announced the merger plan in July 2025.
Saipem provides engineering and construction services for global offshore and onshore oil and gas projects, while Subsea7 focuses on engineering and construction for offshore oil and gas operations. Both companies have significant operations in Australia and are major suppliers of subsea infrastructure solutions, covering design, engineering, procurement, manufacturing, and installation, each operating fleets of pipelay vessels and support vessels.
ACCC Commissioner Philip Williams stated that the acquisition could significantly reduce competition in the supply of critical subsea infrastructure that connects subsea wells and production systems to surface facilities, which is vital for Australia's offshore oil and gas projects. During the Phase 2 assessment, the ACCC will conduct an in-depth investigation and seek more information on the competitive impact. The regulator emphasized that no final conclusions have been reached and has invited stakeholders to submit comments on the Phase 2 notice, with a deadline of July 21, 2026.
According to Reuters, last month Brazil's antitrust authority CADE's General Superintendence unconditionally approved the merger, though opponents may still appeal. Several major oil companies, including ExxonMobil, Petrobras, and TotalEnergies, had submitted comments to CADE opposing the merger, fearing that the combined group could gain sufficient market power to drive up costs, delay projects, and force customers into exclusive long-term contracts. Last month, Saipem secured a new contract from Azule Energy for Angola's Greater PAJ project.
