Saipen doesn’t earn €1.232 billion because of cancellation of South Stream
Edited by Rhod Mackenzie / 2015-07-29 01:35:56
The Italian Saipem - the contractor for the construction of South Stream – hasn’t earned €1.232 billion because of the cancellation of the project by Gazprom. This follows from the financial report the Eni’s subsidiary.
"The portfolio of undone orders includes the effect of the cancellation of the contract for South Stream in the amount of €1.232 billion, after a notice of termination," – the report says.
As it was reported previously, Saipem forecasted a decrease in its revenue by €1.25 billion in 2015 due to the closure of South Stream. The effect of the closure of the South Stream project will be felt, but not fatal to the Italian company Saipem, said the company’s CEO, Umberto Vergine.
