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Saipem Update on the South Stream Project

Source: www.gulfoilandgas.com 12/2/2014, Location: Asia

With reference to the contract for the construction of the South Stream pipeline, Saipem notes the statements made by the Russian authorities and Gazpromís chairman in the media.

Saipem states that it has not received any formal notice of termination of the contract from the client, South Stream Transport BV.

Operational activities therefore continue to progress.

The potential interruption of work and any possible cancellation of the project are subject to the terms of the contract.

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