Exxon and Petrobras Challenge $4.6 Billion Subsea7–Saipem Merger in Brazil ...Middle East

Exxon has petitioned Brazil’s antitrust regulator to examine the proposed merger between Subsea7 and Saipem, saying it would reduce competition in the deepwater offshore drilling industry. Bloomberg reports, citing documents, that the supermajor partnered with Brazil’s Petrobras and oilfield service provider TechnipFMC on its petition to the competition authorities, arguing the merger between the Norwegian and the Italian companies would lead to higher prices. The petitioners specifically noted the segments of subsea umbilicals, risers,…

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