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.