Italy’s Saipem confirmed it has received notification of the termination for convenience of the South Stream BV contract. Namely, the company received the termination late in the evening of July 8, 2015.
Earlier today reports emerged that Russian gas giant Gazprom has cancelled the Turkish Stream pipeline construction contract it had with Italian oilfield services contractor Saipem.
Saipem now confirmed these reports, but Offshore Energy Today is yet to hear from South Stream Transport.
According to Saipem’s press statement, the termination for convenience is a standard contractual clause which provides for the termination of the agreement in the absence of a contractual breach, with compensation determined in accordance with the terms and conditions of the contract.
Saipem also confirmed that the pipelaying vessel Castoro 6 was in the process of mooring in Russian waters to start pipelaying activities.