Suspension lifted on South Stream offshore gas pipeline project

Source:ShawCor

Work suspension on the South Stream offshore gas pipeline in the Black Sea has been lifted

Saipem has received notice that South Stream Transport BV is lifting the suspension of work under the contracts, and that Saipem should commence works on the offshore pipeline in the Black Sea.

In December 2014, ShawCor Ltd. (SCL.TO) announced the suspension of the majority of the work on its South Stream Pipeline contracts with Europipe GmbH and Marubeni Sumitomo Consortium (with a combined value of approximately US$100 million) and with Saipem (with a value of approximately C$30 million).

Today, ShawCor announced its Canusa-CPS division has received notification from Saipem that the suspension of the work on the contract has been lifted with immediate effect and that work on this contract is to be resumed.

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