Saipem South Stream pipeline contract terminated

(ANSA) - Milan, July 9 - Italian oil-services provider Saipem said Thursday it had received notification of the termination of its contract for the offshore section of Russia's South Stream gas pipeline project. The contract with South Stream Transport, a wholly owned subsidiary of Russian oil company Gazprom, was terminated in the absence of a contractual breach under a standard contractual clause, Saipem said in a statement.
    The company confirmed that the pipelaying vessel Castoro 6 was in the process of mooring in Russian waters to start pipelaying activities.
    The contract was cancelled due to the "impossibility of reaching an agreement on the many work and commerce-related issues concerning the project," South Stream Transport said in a statement.