Italian energy-services provider Saipem will merge with Norwegian rival Subsea7 in a deal valued at around $4.86 billion, creating a global company focused on drilling, engineering and construction.Shares in Subsea7 were 7.

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),

Saipem and its Norwegian rival did not disclose the financial terms of the deal, which, according to Reuters, is valued at around $4.63bn.