Explore the Subsea 7 S.A. and Saipem SpA merger offering cost synergies, better vessel utilization, and strong shareholder value. Click for more on SUBCY and SAPMF.

The rationale for a merger between Italy's Saipem and Norway's Subsea 7 is to combine the fleets of the two energy services companies to service customers quicker and cut costs, the CEO of the Italian group said on Wednesday.

Italian offshore services firm Saipem plans to merge with Norwegian rival Subsea7 in an all-share deal valued at $4.6 million, the companies announced. The combined company, to be named Saipem7, would

Saipem's offshore business is performing well, with significant order intake and better margins. Read more about the Subsea 7 merger.

Italian energy contractor Saipem , which has agreed to merge with Norwegian rival Subsea 7 , said on Tuesday it would resume paying a dividend after a four-year break.