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.

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

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),