Subsea7 to reimburse Siem Industries for merger legal costs

Subsea7 S.A. announced its board of directors has agreed to reimburse Siem Industries S.A. for legal costs related to the proposed merger with Saipem S.p.A. The reimbursement, valued at under $1 million, covers legal work for the shareholders' agreement dated July 23, 2025, involving Eni S.p.A., CDP Equity S.p.A., and Siem Industries S.A., as well as ongoing support for the anti-trust process. The shareholders' agreement mandates these parties to vote in favor of the merger and ensures a balanced leadership and governance structure.

The transaction is classified as a related party transaction under Luxembourg law and the SRD II EU directive. Consequently, Kristian Siem and Louisa Siem recused themselves from the vote to approve the payment. This announcement was made on December 12, 2025, by Katherine Tonks, investor relations director for Subsea7.