Italy's Saipem has agreed to merge with Norwegian rival Subsea 7 in an all-share deal to create a leading global player in offshore energy services. The combined group, to be renamed Saipem7, will have an order backlog of 43 billion euros ($45 billion),

Italian energy-services provider Saipem will merge with Norwegian rival Subsea7 creating a company focused on drilling, engineering and construction.

Italy's Saipem has agreed to merge with Norwegian rival Subsea 7 in an all-share deal that will create a leading European supplier of onshore and offshore energy services, the two companies said late on Sunday.