Subsea7 has appointed Stuart Fitzgerald as its new Chief Executive Officer, positioning him to lead the offshore engineering company through its planned merger with Italian energy services firm Saipem.
The company also confirmed that Fitzgerald is also proposed as the CEO of Subsea7 within the
future Saipem7 upon completion of the proposed merger with Saipem.
The transaction, announced earlier this year, is expected to create one of the world’s largest offshore engineering and energy services companies, combining the expertise and global operations of both firms.
The leadership change is significant for Namibia, where both companies have an established presence in the country’s fast-growing offshore oil and gas sector.
Saipem is currently involved in Namibia’s upstream industry through its drillship, Saipem 12000, which has been contracted to carry out appraisal drilling at the Capricornus-1A well in Petroleum Exploration Licence (PEL) 85 for Rhino Resources and its joint venture partners.
Subsea7 has also been expanding its footprint in Namibia as international energy companies accelerate offshore exploration and development following a series of major oil discoveries in the Orange Basin.
Fitzgerald succeeds John Evans, who retired on 30 June after a 40-year career with Subsea7 and its predecessor companies.
Subsea7 Chairman Kristian Siem said Fitzgerald had earned the board’s confidence through his operational and strategic leadership, particularly in turning around the Seaway7 business.
“Stuart has made significant contributions over the course of his career with Subsea7 in both operational and strategic roles, and, in recent years, he has led the turnaround of the Seaway7 business. Stuart has the full support of the Board of Subsea7 as he continues his journey in this new role. I am confident that, under his leadership, Subsea7 will continue to thrive, both in the near term and as we navigate the merger with Saipem,” Siem said.
The planned merger remains subject to regulatory approvals and shareholder consent.
Once completed, the combined company is expected to become a major global player in offshore engineering, subsea construction and energy services, with an expanded presence across the oil, gas and energy transition sectors.
