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 Saipem7, whose combined backlog would be over $45 billion.Saipem and Subsea7 shareholders will own 50% each of the share capital of the combined company, whose revenue is expected to be around $20.
Brazilian federal prosecutors in Para state have filed a lawsuit to demand the removal of the hull and oily residues from the Haidar ship, which sank 10 years ago near Vila do Conde port, Brazil's biggest for live cattle shipments.In a statement on Wednesday, Para federal prosecutors recalled the Haidar wreck caused the death of 5,000 cattle and a spill of 700,000 liters of oily residues.