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. The group said it would pay 333 million euros ($350 million) in dividends this year.

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

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