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Saipem Received Notification of Termination for Convenience of the South Stream BV Contract

Source: www.gulfoilandgas.com 7/9/2015, Location: Asia

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Saipem informs that late in the evening of July 8th it received notification of the termination for convenience of the South Stream BV contract.

The termination for convenience is a standard contractual clause which provides for the termination of the agreement in the absence of a contractual breach, with compensation determined in accordance with the terms and conditions of the contract.

Saipem confirms that the pipelaying vessel Castoro 6 was in the process of mooring in Russian waters to start pipelaying activities.

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