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    Saipem issues statement on South Stream pipeline cancellation

    Company News // December 4, 2014

    Saipem issued the following statement on 3 December following speculation that Russia had abandoned the South Stream gas pipeline, for which it holds major contracts:

    "With reference to the contract for the construction of the South Stream pipeline, Saipem notes the statements made by the Russian authorities and Gazpromís chairman in the media.

    "Saipem has not received any formal notice of termination of the contract from the client, South Stream Transport BV. Operational activities therefore continue to progress.

    "The potential interruption of work and any possible cancellation of the project are subject to the terms of the contract."

     

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