While multiple consolidation moves have sprung up across the offshore energy and maritime arenas over the past 12 months, some never bore fruit. Offshore Energy has selected three business combination plays, regardless of whether they were born of truth or fiction, that did not make it to the finish line despite the initial optimism and euphoria.
Against the backdrop of challenging market conditions across the globe, many players in the offshore drilling, oil, gas, liquefied natural gas (LNG), and maritime industries have embarked on merger quests to boost their businesses, increase their offerings, and expand their operation footprints.
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However, not all mergers progressed to the anticipated completion, as they ended up either falling through or simply being dismissed as speculation and wishful-thinking. Offshore-Energy.biz has prepared three top consolidation plays in 2025 that were not brought to a close.
The third place goes to Bumi Armada ’s attempted business combination with the offshore segment of the Malaysian shipping giant MISC . The duo originally signed a memorandum of understanding (MoU) in 2024 to look into a prospective merger via an all-share transaction.
Even though the talks reportedly went well at the onset, the two companies did not opt to create a bigger floating production business, as the MOU lapsed on August 14, 2025.
The second spot on Offshore Energy’s list is reserved for the $18.7 billion non-binding indicative takeover bid a consortium run by XRG , a subsidiary of Abu Dhabi National Oil Company (ADNOC) , made for Australia’s Santos .
While the merger was observed in a positive light due to XRG’s low-carbon agenda and five-year business plan to set up an integrated gas and LNG business with 20–25 million tons per annum (mtpa) capacity by 2035, the ADNOC-led consortium opted to rescind its indicative offer and not proceed with a binding one for the Australian player.
The first place on this list is designated to media speculation that surrounded a potential merger between Shell and BP that had the rumor mill on tenterhooks in 2025 until the former decided to quash it by repudiating the alleged business combination talks.
Many energy experts saw the possibility of such a mega-scale merger as a way to establish a European energy heavyweight capable of competing with rivals in the U.S. and elsewhere, but warned that its completion would likely get flagged for an uphill battle given the antitrust laws in place to prevent market monopoly and moves to substantially lessen competition.
Some have pointed out ways to circumvent this by going for a partial merger, such as the one between Shell and Equinor on the UK Continental Shelf (UKCS), rather than pursuing an oil-or-nothing, full portfolio acquisition.