Saipem announced the stop work on the South Stream project. The company has announced that it has received a suspension notification, i.e. the "notification of suspension of marine spread activities", from the customer. Saipem also specified that the suspension concerns all vessels currently engaged in activities relating to the laying of pipes.
"At present it is not possible to determine the economic impacts of the suspension as the duration is not known nor is the final decision of the customer predictable", reads the Saipem press release. After the news of the stoppage of the pipeline works was released last Tuesday, Saipem was quick to point out that it had not yet received any communication on the matter. The Eni subsidiary explained that it wanted to wait for the official notification from the customer before confirming the news.
The confirmation of the suspension of work for the South Stream project has sunk the share of Saipem in Piazza Affari which at 10,30 this morning loses 3,6%.
