Saipem Breaks Off South Stream Ops
- Business & Finance
Following the latest events regarding the South Stream project, Saipem has received a “Notification of suspension of Marine Spread activities”.
South Stream Transport BV contracted Saipem to perform the offshore laying of the first line and construct the landfalls and shallow-water parts for all four pipelines, as well as complementary works on line 2.
The Swiss-based Allseas Group already confirmed it will be looking for a new engagement for Pieter Schelte after Russia decided to scrap the pipeline project, but there has been no formal proof from Sipem, until now.
The suspension notification, the company received from its client, puts a stop on all the current Saipem vessels involved in the pipe laying activities.
The Italian company said that it is not yet possible to determine the economic impact of the suspension on its business, as both the duration of the suspension and the client’s ultimate decision on the project are unknown.
Subsea World News Staff