Exxon and Petrobras Flag Competition Concerns on Saipem7 Merger

Oil producers Exxon Mobil Corp., Petrobras and contractor TechnipFMC Plc have petitioned Brazil’s antitrust watchdog to oppose a merger between Italy’s Saipem SpA and Norway’s Subsea 7, according to documents reviewed by Bloomberg.

The companies requested to be part of the regulator’s review of the merger, saying it would have a significant impact on competition in the oilfield services industry and cause prices to increase. The companies specifically mentioned the market for subsea umbilicals, risers, and flowlines, known as SURF, as well as pipe laying vessels.

“The transaction reduces choice for Exxon and other customers to a single relevant supplier ...