Italian energy contractor Saipem , which has agreed to merge with Norwegian rival Subsea 7 , said on Tuesday it would resume paying a dividend after a four-year break.

Italian energy-services provider Saipem will merge with Norwegian rival Subsea7 creating a company focused on drilling, engineering and construction.

Italian offshore services firm Saipem plans to merge with Norwegian rival Subsea7 in an all-share deal valued at $4.6 million, the companies announced. The combined company, to be named Saipem7, would

Energy services firms Saipem and Subsea7 have reached an agreement on the key terms for possible merger of the two companies under one unit to be named

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.

Energy services and drilling specialists Saipem SpA and Subsea7 SA agreed to combine their businesses as consolidation in the sector picks up after years of sluggish activity.

A merger between Italian eng'neering giant Saipem and Norwegian undersea engineering multinational Subsea 7 shows the solidity of the 'Italian System' and created the world's leading energy engineering company,