South Stream Transport and Saipem have settled the arbitration concerning the South Stream offshore pipeline installation contract entered into on March 14, 2014.
According to Saipem, the companies have positively ended their negotiations signing an agreement to amicably settle the arbitration.
In March 2014, Saipem was contracted by South Stream Transport for the construction of the first line of the South Stream offshore pipeline, from Russia to Bulgaria across the Black Sea, for a total value of approximately € 2 billion.
In 2015, Saipem filed a €759 million claim against Gazprom-owned South Stream Transport after Russia decided to scrap the South Stream project resulting in the termination of the contract.
The request for arbitration against South Stream Transport was served at the ICC of Paris.
Subsea World News Staff