Saipem Eyes $20 Billion Mozambique LNG Restart and 39 Percent EBITDA Surge Merger with Subsea7 Moves Forward

In late July, Saipem CEO Alessandro Puliti announced confidence in resuming the $20 billion Mozambique LNG project, led by TotalEnergies, before summer ends. The massive venture, stalled since 2021 due to security threats in Cabo Delgado, is set to restart in phases, with initial activities scheduled for the coming weeks. Puliti emphasized that lifting the force majeure declaration is a pivotal step, echoing TotalEnergies’ CEO Patrick Pouyanné’s earlier summer restart commitment.

Saipem holds contracts worth about €3 billion ($3.5 billion) for its role in the project, which aims to develop offshore gas fields and build two major liquefaction trains. The restart marks a critical milestone for Mozambique’s energy ambitions.

On the same day, Saipem and Norway’s Subsea7 jointly announced a merger agreement to create a global offshore energy leader. This follows a February MOU and is now under regulatory review, with completion targeted in the second half of 2026. The UK’s Competition and Markets Authority (CMA) is already assessing potential impacts on the British oil and gas services market.

Financially, Saipem reported a robust Q2 core EBITDA of €413 million, up 39% year over year, though new contract awards dropped sharply from €5.085 billion to €2.2 billion. The company, however, is maintaining its full-year new contracts target at €12 billion.