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The rationale for a merger between Italy's Saipem and Norway's Subsea 7 is to combine the fleets of the two energy services companies to service customers quicker and cut costs, the CEO of the Italian group said on Wednesday.

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 Subsea7 have agreed to merge, creating an offshore energy services company called Saipem7 with annual revenue of approximately20 billion euros (US$21 billion) and a backlog of 43 billion euros (US$45.

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.

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,