Saipem Greenlights ShawCor’s South Stream Contract
- Business & Finance
ShawCor informed that its Canusa-CPS division has received notification from Saipem SpA that the suspension of the work on the Saipem contract in relation to South Stream Pipeline has been lifted with immediate effect and that work on this contract is to be resumed.
The notification follows Saipem’s announcement that the company has been cleared by South Stream Transport B.V. to continue pipeline construction operations in the Black Sea.
In July last year, Canusa-CPS, won a $30 million contract from Saipem SpA to provide field joint coating services for Line 1 of the South Stream Offshore Pipeline.
However, in December 2014, ShawCor announced the suspension of the majority of the work on its South Stream Pipeline contracts with Europipe GmbH and Marubeni Sumitomo Consortium (with a combined value of approximately US$100 million) and with Saipem SpA (with a value of approximately C$30 million).