Saipem: No change to South Stream suspension

Italian oilfield services provider Saipem has said that there is no change to the South Stream contract suspension.

Under the original contract  Saipem was supposed to carry out a giant part of the South Stream pipeline work in the Black Sea.

Saipem in March this year signed a contract for the pipe laying works for the offshore section of the project, which was designed to deliver Russian gas to the European market. Additionaly, the Italian oilfield services provider entered into a $552 million deal to provide supporting works relating to the construction of the second line of the South Stream Offshore Pipeline .

However, Russia’s president Vladimir Putin said Russia would drop the South Stream as a response to the EU opposition to the project, and turn to Turkey.

In a statement issued yesterday, Saipem said it received notification from South Stream Transport B.V. that does not expect significant changes in suspension status until 19th February 2015. South Stream Transport B.V. has reserved their rights to amend the suspension notice in accordance with the relevant contract terms.

South Stream Transport B.V. was founded to construct the offshore portion of the South Stream pipeline through the Black Sea. Gazprom holds a 50% stake in South Stream Transport BV; Italy’s Eni S.p.A. holds 20% stake while the French energy company EDF and Germany’s Wintershall Holding GmbH (BASF Group) hold 15% each.

However, the ownership will soon be fully transferred to Gazprom, which will buy out all the partners in the consortium, as reported yesterday.

Offshore Energy Today Staff

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