- Saipem (OTCPK:SAPMF, OTCPK:SAPMY) has filed a €759M claim against Gazprom (OTCPK:OGZPY) following the cancellation of the South Stream project to pipe Russian gas to Europe, Financial Times reports.
- Analysts estimate the Italian company suffered a €2B loss in business from the sudden cancellation of the project; losing the work came at a particularly difficult time for Saipem because it also had to cope with the effects of plunging crude oil prices.
- Meanwhile, Saipem is hoping to win a bid to lay pipelines in the Baltic Sea as part of the doubling of the Nord Stream 2 pipeline, and recently signed €5B in deals with Iran to build out its energy infrastructure after the lifting of sanctions.