Subsea7, incorporated in Luxembourg and listed in Oslo with Kristian Siem's Siem Industries as anchor investor, is the pure-play subsea construction specialist. The stated rationale for the merger is instructive: the growing size of clients' projects, complementary geographies and fleets, and around €300 million in annual synergies, partly from fleet optimization. The European Commission concluded that competing for CCS projects requires very similar capabilities and assets to traditional oil and gas subsea work, “today and in the future.” Competition authorities are proceeding on the basis that, today and for the foreseeable future, offshore CCS depends on the same engineering capability that serves oil and gas. One industrial capability — with a scarce fleet of high-specification construction vessels, backed by specialist crews and engineering expertise — serves oil and gas, CCS and decommissioning.