Italy’s Saipem Is Said to Near Deal to Combine With Subsea 7

Italy’s Saipem SpA is nearing an agreement to combine with Norway’s Subsea 7, which would create an oil services company with a combined market value of almost $10 billion, according to people familiar with the matter.

The companies could announce a deal as early as this week, said the people, who asked not to be identified because discussions are private.

Saipem’s biggest shareholders — Italian energy giant Eni SpA and state lender Cassa Depositi e Prestiti SpA — are holding board meetings to discuss the transaction with Subsea 7, which is led by Chairman Kristian Siem, this ...