Italian energy contractor Saipem , which has agreed to merge with Norwegian rival Subsea 7 , said on Tuesday it would resume paying a dividend after a four-year break.

Italian energy-services provider Saipem will merge with Norwegian rival Subsea7 creating a global company with expertise across drilling, engineering and construction.

Saipem and Subsea7 have agreed to merge, creating an offshore energy services company called Saipem7 with annual revenue of approximately20 billion euros (US$21 billion) and a backlog of 43 billion euros (US$45.