Saipem's chief executive has indicated the company's strategic focus is to significantly expand its presence in the deepwater offshore market, aiming to become a more substantial deepwater operator. This expansion is intended to be achieved through both asset acquisitions and a major corporate merger.

Deepwater Expansion Strategy

The company's overall strategy is to concentrate its operations on deepwater activities. This was highlighted by the recent, though unsuccessful, agreement to acquire the Deep Value Driller drillship for $272.5 million. Despite this deal falling through after the seller accepted a higher $300 million offer from a third party, management confirmed that other acquisition targets are being considered, though specific details were not disclosed.

Fleet and Inorganic Growth

Saipem currently operates a fleet of 17 owned construction vessels and 12 drilling rigs, nine of which are owned. Beyond individual asset purchases, the company is pursuing major inorganic growth through a pending merger with Subsea7. This merger, expected to complete in the second half of the year, would create a joint entity named Saipem7 with a combined backlog of €43 billion and an expanded, diversified fleet of over 60 construction vessels, positioning it as a dominant global offshore player.