The transaction received antitrust clearance from the European commission last week and was the largest cross-border acquisition in Europe in the oilfield services sector.

The integration of Saipem and Bouygues Offshore will be facilitated by seven years of successful cooperation through the SaiBos joint venture, joint projects, and other projects performed jointly.

Pietro Franco Tali, Chairman and CEO of Saipem, commenting on the deal, said: "We are confident that Bouygues Offshore shareholders will react positively to this offer, which is a full and fair one. We are excited about the prospect of combining and developing further the expertise of the two groups to create a worldwide leader in the provision of services to the oil industry."

Herve Le Bouc, Chairman of Bouygues Offshore, said: "We are convinced that there is a strong industrial logic behind this transaction and that the offer is in the best interests of Bouygues Offshore, its shareholders, its employees and its customers."