Saipem and Subsea 7: Potential Index Impacts from Merger & Latest Thoughts on Deal Close Timing

Research evidence excerpt

Saipem and Subsea 7: Potential Index Impacts from Merger & Latest Thoughts on Deal Close Timing

J P M O R G A N Europe Equity Research

08 July 2026

Saipem and Subsea 7

Potential Index Impacts from Merger & Latest Thoughts

on Deal Close Timing

J.P. Morgan European Indexation Research Analyst Pankaj Gupta recently European Oil & Gas

ACpublished a note highlighting the potential passive index implications of the Alejandra Magana

proposed Saipem/Subsea7 merger (here). In our view, the analysis provides (44-20) 3493-8031

another supportive element to the investment case for the combined company by alejandra.x.magana@jpmchase.com

highlighting the potential for meaningful passive demand of ~$1.43B. Below we J.P. Morgan Securities plc

summarize the key takeaways from the note, together with our latest thoughts on Specialist Sales contact details:

merger timing.

Ian Mitchell - Specialist Sales -

• Potential index impact highlights. Both Saipem and Subsea7 are currently European(44-20) 7134-1356Energy

constituents of the MSCI Europe Small Cap, FTSE Europe Small Cap, and ian.e.mitchell@jpmorgan.com

STOXX Europe 600 indices. Given the combined company’s market

capitalization is expected to increase by more than 50%, MSCI is expected to SPMI.MI, SPM IM

reclassify the company into the Europe Standard Index upon closing. FTSE Overweight

MIB is also expected to update Saipem’s shares outstanding and investable free Price (07 Jul 26): €4.41

float to reflect the merger terms, while FTSE Europe Small Cap and STOXX

Europe 600 are expected to remove Subsea7 and increase Saipem’s index

SUBC.OL, SUBC NO

weight. In aggregate, these changes imply potential passive buying equivalent

to ~491% of Saipem’s average daily trading volume (~US$1.43bn), according Neutral

to J.P.