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.
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