Saipem Stock Forum: Share Price, the Subsea7 Merger and What Investors Discuss (2026)
Saipem (Milan: SPM) has been one of the strongest performers among Italian large caps over the past year, yet its retail boards are notably sceptical — and, unusually, largely uninterested in the transformational merger under way. This page summarises what Saipem is, the past twelve months, the forum debate and the catalysts ahead — with no price target and no recommendation.
What Saipem is
Saipem is a global energy-services and engineering, procurement and construction (EPC) contractor, working across offshore and onshore energy infrastructure. Its two anchor shareholders are Eni and Cassa Depositi e Prestiti (CDP).
The past 12 months
Over roughly twelve months the shares have about doubled — the direction is what matters here, not a precise percentage. The defining event is a still-pending merger:
- Merger of equals with Subsea7. Announced February 23–24, 2025 and confirmed by a binding agreement on July 23–24, 2025, the deal would combine Saipem and the Norwegian-listed Subsea7 into a company called "Saipem7" — an exchange ratio of 6.688 Saipem shares per Subsea7 share, roughly 50/50 ownership, headquartered in Milan, dual-listed in Milan and Oslo, with pro-forma revenue around €21 billion and a pro-forma combined backlog around €43 billion.
- Approvals. Italy's Golden Power was cleared with prescriptions in September 2025; both companies' extraordinary shareholder meetings approved the deal on September 25, 2025, subject to walk-away conditions (parties may exit if antitrust remedies exceed about €500 million, or if cash-exit requests exceed about €500 million — these are conditions, not events that have occurred). Brazil's CADE clearance has been reported (treat as indicative).
- Status. As of July 15, 2026 the merger is not completed; the target is the second half of 2026.
On fundamentals, FY2025 (reported February 24, 2026) showed revenue of €15.5 billion (+6.5%), adjusted EBITDA of €1.72 billion (+29.1%), net income of €310 million, free cash flow of €792 million, a standalone backlog of €31.47 billion, and a dividend of €0.17 per share for 2026. Note that the €43 billion figure is a pro-forma combined backlog for the merged entity, not Saipem's current standalone book (~€30–31.5 billion). First-quarter 2026 EBITDA was reported up about 24% with guidance confirmed (treat as indicative). On price, Saipem traded at €4.36 on July 13, 2026, within a 52-week range of about €2.17 to €4.85.
What the forums discuss
The forum tone (it.investing.com, FinanzaOnline) is notably bearish and frustrated despite the share-price gains. Recurring observed themes: allegations of price manipulation — which are unverified claims, reported here only as retail sentiment, not endorsed; a view that the stock is "worth €6–8"; and a fixation on the €4.20 level. Strikingly, the Subsea7 merger is essentially absent from retail chatter, even though it is the company's defining corporate event. These are observed retail views, summarised and linked — never our recommendation, and never reproduced as posts.
Catalysts to watch
- Around July 27–28, 2026: first-half results.
- Second half of 2026: targeted completion of the Subsea7 merger.
- The dual-listing effectiveness condition tied to the merger's closing.
Saipem has no cryptocurrency exposure and no tokenised version of its shares; it is a pure energy-services-equity and M&A story.
FAQ
Where can I see the Saipem forum? Italian retail discussion is most active on it.investing.com and FinanzaOnline. We summarise and link the venues; we never fabricate posts.
Is the Subsea7 merger done? No. The binding agreement was signed in July 2025 and shareholders approved it on September 25, 2025, but as of July 15, 2026 it has not completed; the target is the second half of 2026.
How big is Saipem's backlog? Its standalone backlog was €31.47 billion at FY2025. The often-cited ~€43 billion figure is a pro-forma combined backlog for the future "Saipem7," not the current standalone book.
What about the manipulation claims on the boards? Some retail posts allege price manipulation. Those are unverified claims; we report them only as observed sentiment and take no position on them.
What moves the share price? Progress on the Subsea7 merger, results and backlog, oil-and-gas and offshore capex, and dividend policy.
This article is for information only and is not investment advice; nothing here is a recommendation to buy or sell.
Disclaimer: This content is provided for general branding and informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online events, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets or to use any services. Crypto assets are highly volatile and may result in loss. WEEX services and online events may not be available in all regions and are subject to applicable laws, regulations, and eligibility requirements. You are responsible for ensuring that your use of WEEX services complies with local laws and for carefully assessing the risks before participating in any crypto-related activities.
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