Milan-listed vessel charterer Saipem, one of the world’s three top-tier subsea contractors, has defied the offshore downturn and beat the market consensus on its earnings — although it left the market guessing about the South Stream project.
As TradeWinds reported previously, Russia’s Gazprom pulled the rug out from under Saipem for its work on the South Stream pipeline in the Black Sea, which affected about 20 marine assets, including 12 chartered-in offshore support vessels (OSVs) from several owners.
