Saipem’s contract - originally to lay the first line of the South Stream pipeline, a project that was to transport gas from Russia to Bulgaria via the Black Sea but has been cancelled – was terminated late on Wednesday after the Italian player and the project’s operator failed to agree new contractual terms.
South Stream Transport, led by Gazprom, on Wednesday issued Saipem with a “notification of the termination for convenience” for its pipelay contract with two of the Italian’s vessel pipelaying vessels.
Saipem
