As the global consolidation momentum builds against the backdrop of ever-changing and challenging geopolitical conditions and energy realms, many companies engaged in the offshore drilling, subsea, hydrocarbon exploration and production (E&P), and maritime arenas are working to strengthen their place in the offshore industry’s pyramid. Offshore Energy has curated a list of ten developments that encompass some of the most interesting market consolidation plays that occurred in 2025.
The consolidation quest for longevity spells, which was present in 2024 , continued in 2025 to enable companies to ensure efficiency enhancements and establish combined entities of scale for the long haul. This is illustrated by Chevron , which wrapped up its acquisition of Hess Corporation .
1. The $53 billion all-stock deal enabled the U.S. player to become the new partner in Guyana’s Stabroek block, joining ExxonMobil and CNOOC. The Hess acquisition is Chevron’s third upstream deal since 2020, following Noble Energy in 2020, REG in 2022, and PDC Energy in 2023.
The latest merger enabled four regions to come into spotlight as the ones poised to see the most impact: Guyana , Bakken , the Gulf of America (the U.S. Gulf of Mexico), and Southeast Asia , including Malaysia and Thailand.
2. Another major consolidation deal that was announced last year is the one between Saipem and Subsea7 , with a fleet expansion at the heart of the $4.6 billion merger. The entity to be renamed Saipem7 is anticipated to yield synergies of approximately €300 million in the third year after completion, which is expected in the second-half of 2026.
Both Saipem and Subsea7 emphasized that the merger would provide them with highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies that would benefit their combined global client base. The duo’s shareholders will own 50% each of the share capital of the combined entity.
3. The next merger Offshore-Energy.biz has selected for this list occurred between Helmerich & Payne (H&P) and KCA Deutag for almost $2 billion, enabling the former to enrich its global onshore drilling position, increase its rig count, and enhance its standing in America and the Middle East, portrayed as the world’s two most prominent oil and gas-producing regions.
4. Baker Hughes is another player that decided to spread its wings by buying Chart Industries to propel its energy and industrial technology strategy to new heights and high-grading its portfolio, especially within natural gas, data centers, and energy transition ecosystems to drive further business growth.
5. Sintana Energy set out to expand its footprint to Uruguay’s emerging oil and gas playground by purchasing Challenger Energy Group (CEG) , which is expected to create an exploration platform spanning the Southern Atlantic conjugate margin, with interests in eight licenses in Namibia and Uruguay, as well as legacy assets in the Bahamas and Colombia.
6. DNO made a move on Sval Energi to ensure its spot on the list of main European independent oil and gas players by bolstering its position in core areas on the Norwegian Continental Shelf (NCS), with 14 discoveries in hand, including Bergknapp / Åre , Bergknapp , Carmen , Cuvette , Heisenberg , Kveikje , Mistral , Norma , Ofelia , Othello , Overly , Ringand , Røver Nord and Røver Sør.
The largest assets that are part of the deal are Nova , Martin Linge , Kvitebjørn , Eldfisk , Maria, Symra , and Ekofisk , alongside fields under development – Maria revitalization , Symra , Dvalin North – and discoveries – Cerisa , Ringhorne North , and Beta – as well as redevelopment opportunities, such as Albuskjell and West Ekofisk .
7. CMB.TECH Bermuda brought into its fold Golden Ocean Group (GOGL) by completing the stock-for-stock merger to set up what is seen as one of the world’s largest diversified listed maritime groups, with a combined diversified fleet of around 250 ships, such as dry bulk vessels, crude oil tankers, chemical tankers, container ships, offshore wind vessels and port vessels.
The combined company is set to benefit from a future-proof fleet that comes with over 80 hydrogen- and ammonia-ready vessels , allowing low-carbon fuel optionality. With a fleet market value of approximately $11.1 billion, the fuel-efficient fleet has an average age of 6.1 years.
8. One of the biggest consolidation moves across the shipping sector in 2025 was disclosed by HD Hyundai Heavy Industries (HHI) and HD Hyundai Mipo (HMD) , affiliates of HD Korea Shipbuilding & Offshore Engineering (HD KSOE), which decided to merge into a single entity that is set to serve as a regional hub overseeing overseas production sites such as HD Hyundai Vietnam Shipbuilding, HD Hyundai Heavy Industries Philippines, and HD Hyundai Vina.
Given that Korean shipbuilders are having trouble asserting their dominance over Chinese rivals in the commercial ship sector, like bulk carriers and tankers, moves like this one are expected to help companies in regaining market share.
This consolidation step came after South Korea earmarked $150 billion to a dedicated United States shipbuilding rejuvenation fund, as part of a $350 billion bilateral trade agreement with the United States.
9. MODEC set the wheels in motion for a strategic merger of its wholly owned companies, MODEC America and SOFEC , to breathe life into an integrated mooring solutions business unit that will augment its global offering.
10. ADES closed the merger with Shelf Drilling , augmenting its offshore drilling fleet with 33 more jack-up rigs. As a result, the combined fleet contains 83 offshore units (46 premium units) and 40 onshore rigs, operating across 19 countries.
The rig owner’s operations now span its home market, the Gulf Cooperation Council (GCC) made of six Middle Eastern countries – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates – and regions that are described as key areas for growth, such as Southeast Asia and West Africa.