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Oil firms ask Brazil antitrust watchdog to intervene in Subsea7-Saipem merger
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Oil firms ask Brazil antitrust watchdog to intervene in Subsea7-Saipem merger
Sep 23, 2025 1:00 PM

RIO DE JANEIRO, Sept 23 (Reuters) - Exxon Mobil ( XOM ),

Brazilian state-run Petrobras and oil services

provider TechnipFMC ( FTI ) petitioned the country's antitrust

regulator Cade to intervene in a merger between energy

contractors Subsea7 and Saipem, public

documents seen by Reuters show.

In filings submitted on Thursday, the firms said the merger

between Norway's Subsea7 and Italy's Saipem would bring a level

of concentration in the subsea oil and gas services market that

could drive up costs and curb competition.

The firms want Cade to block the merger or impose remedies

to preserve competition in Brazil, such as asset sales, a source

with knowledge of the matter told Reuters.

Cade provided no additional information beyond what is in

the public case file. Petrobras, Exxon, TechnipFMC ( FTI ), Saipem and

Subsea7 did not immediately comment on the matter.

The combined group, to be renamed Saipem7, will have an

order backlog of 43 billion euros ($50.6 billion), revenue of

about 21 billion euros and core earnings of more than 2 billion

euros, the companies said in a statement in July.

The deal is expected to be completed in the second half of

2026, the companies said.

In its filing with Cade, Petrobras said the transaction

would impact the company, as it relies on the firms for its core

business. Exxon said the deal would lead to a high concentration

of contractors offering subsea umbilicals, risers and flowlines,

or SURF projects, reducing competition and customer choice.

TechnipFMC ( FTI ), a rival services provider, said the deal would

limit the ability of other players to compete.

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