Saipem and its Norwegian rival did not disclose the financial terms of the deal, which, according to Reuters, is valued at around $4.63bn.

Italian oil services company Saipem SPMI.MI said on Sunday that it will merge with Norwegian rival Subsea 7 in a deal valued at about $4.63 billion. Subsea7 shareholders will receive 6.688 Saipem shares for each share they hold,

Saipem (OTCPK:SAPMF) (OTCPK:SAPMY) said Sunday it agreed to merge with rival oilfield services company Subsea7 (OTCPK:SUBCY) (OTCPK:ACGYF) in an all-stock deal valued at ~$4.63B. According to the deal terms,

Saipem and Subsea7 have announced that they have reached an agreement in principle on the key terms of a possible merger of the two companies through the execution of a Memorandum of Understanding (MoU).