Saipem Suspends South Stream Project Activities

Maritime Activity Reports, Inc.

December 4, 2014

Italian oil services group Saipem said on Thursday it had been notified of the suspension of "Marine Spread Activities" as part of the South Stream project.

Russia on Monday scrapped the pipeline project to supply gas to southern Europe without crossing Ukraine, but so far Saipem had repeatedly said it had not yet received formal notice of the termination of any South Stream contracts.

The suspension note covers all vessels currently engaged in activities related to pipe laying, the company added.

"At present it is not possible to determine the economic impact of the suspension on Saipem's business, as both the duration of the suspension and the client's ultimate decision on the project are unknown," said the company in a statement.

 (Reporting by Agnieszka Flak; editing by Isla Binnie, Reuters)

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